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Home > News > Corporate News

Indorama Ventures secures US$200 million loan for PET recycling in Asia

Source：Adsale Plastics Network Date ：2024-07-11 Editor ：RC

Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Indorama Ventures, a global sustainable chemical producer, secured a new 7-year loan of US$200 million from the International Finance Corporation (IFC) to fund the company’s sustainability programs in India, Thailand and Indonesia, and promote a circular economy as a leader in PET recycling.

Indorama Ventures_sustainability loan_480.jpg

Indorama Ventures secured a loan from IFC to fund its sustainability programs. (Source: freepik)

The loan from IFC provides a long tenor and flexibility to convert into a sustainability-linked facility based on mutually agreed sustainability targets in the future.

The funds will be used to finance sustainability initiatives that bolster Indorama Ventures’ leading strategic footprint in PET recycling, including enhancing efficiency at the company’s existing recycling facilities at Nakhon Pathom and Rayong in Thailand, launching a state-of-the-art plant in Karawang in Indonesia, and establishing new recycling plants in India.

Yash Lohia, Chairman of the ESG Council at Indorama Ventures, commented that the loan from IFC allows the company to expand the recycling capabilities and make meaningful impact on the environment and communities in key emerging markets.

Indorama Ventures maintains a sustainable and diversified financing strategy, including an inaugural US$300 million industry-first Blue Loan in 2020, which comprised a US$150 million senior loan from IFC and parallel loans of US$150 million from the Asian Development Bank (ADB) and Deutsche Investitions-und Entwicklungsgesellschaft (DEG).

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Source：Adsale Plastics Network Date ：2024-07-11 Editor ：RC

Indorama Ventures_sustainability loan_480.jpg

Indorama Ventures secured a loan from IFC to fund its sustainability programs. (Source: freepik)

The loan from IFC provides a long tenor and flexibility to convert into a sustainability-linked facility based on mutually agreed sustainability targets in the future.