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INVESTMENT WATCH-
IFC to support textile recycling in Turkey: The International Finance Corporation (IFC) will invest USD 50 mn in Turkish home textiles manufacturer Küçükçalık to support its expansion and sustainability initiatives, according to a press release. The financing package includes USD 30 mn from IFC’s own account and USD 20 mn through its Managed Co-Lending Portfolio Program (MCPP).
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The details: Some funds will be used to establish a textile recycling unit at the company’s facility in Sakarya and install rooftop solar photovoltaic systems at its Bursa unit, contributing to Küçükçalık’s green energy transition plans. Building a polyester chip manufacturing plant and expanding the company’s yarn spinning facility are also part of the agreement.
DECARBONIZATION-
Saudi Abdallah Abdin Factories’ ready-mix concrete has received the Concrete Sustainability Council’s (CSC) green certification, according to a statement. The company is the first ready-mix concrete company outside of Europe, South America, and Turkey to receive CSC certification, according to a press release. The company recently signed an MoU to utilize carbon captured by Cryo and CarbonCure Technologies in its own concrete production.
About CSC: The CSC was created by industry players from Europe, the US, Latin America, and Asia to develop a globally responsible sourcing certification system. The organization aims to help concrete and cement companies become more sustainable with a certification paradigm that promotes sustainable building materials and marks responsibly sourced concrete. CSC is the only globally recognized green certification system for concrete and is approved by international green building labels like LEED and BREEAM.
RECYCLING-
Egypt inaugurates cardboard recycling plant: Egypt has launched operations of its EUR 2.5 mn cardboard container recycling production line, according to a statement. The project — Egypt’s first cardboard recycling facility — is a result of cooperation between cardboard manufacturer Uniboard and Swiss food packaging and processing firm Tetra Pak. It is set to reach 8k tons of annual processing capacity. The production line — located at Uniboard’s plant in Sadat City — is set to reach full capacity in five years and work up to greater capacity by 2028.
Off to a strong start: The project’s first year was slated to process around 500 tons of cardboard, but Uniboard was able to collect 1.3k cardboard waste already before the launch, the statement added.
And a wastewater treatment plant was brought online: Egypt also inaugurated a USD 1.2 mn wastewater treatment plant established by the Interstate Paper Industries Company also in Sadat City, according to a statement. The plant has a capacity of 2.1k cubic meters per day and sludge produced as a result is disposed of by firms specialized in waste management.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Dewa reaches charging infrastructure milestone: The Dubai Electricity and Water Authority has installed over 740 electric vehicle charging points across the emirate as of October. Dubai aims to have EVs account for 50% of cars by 2050 and has almost 35k EVs on its roads. (Wam)
