IFC invests in MBA Polymers' plant.
MBA Polymers, based in Richmond, Calif., has developed technology that can recycle highly mixed waste streams of high-value plastics on a commercial production scale. Raw material is converted for reuse into high-value engineering plastics, while also providing an environmentally attractive processing channel for a recyclable resource that would otherwise be destined for landfills or incineration.
"Choosing China for its first plastic recycling plant outside the United States was a strategic part of MBA's international expansion," Karin Finkelston, IFC's associate director for China, says. "The company's efforts will help create more sustainable manufacturing activities for all connected industries which, without MBA's technology, would end up producing waste streams that contaminate groundwater and pollute the air."
MBA CEO Mike Biddle says, "MBA Polymers is pleased to have IFC tangibly recognize the significant environmental and economic benefits of our technology." He adds, "We intend to build additional recycling facilities in countries where IFC is focusing its development efforts and we look forward to further projects together."
The Environmental Opportunities Facility was established in 2002 to provide flexible financing to innovative ventures that have a strong potential to increase environmental sustainability but that must overcome the uncertainty associated with new markets, new technologies and new ways of doing business. It is part of IFO's Sustainable Business Assistance Program, which provides a platform for making highly selective, strategic interventions in key environ mental sectors where the demonstration of sustainable business practices offers potentially significant benefits.
Key funders of the plant include the governments of Austria, Italy, the Netherlands and Norway, as well as IFC.
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|Title Annotation:||PLASTICS; International Finance Corp.|
|Date:||Apr 1, 2005|
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