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BPPL secures $ 15 mn from US International DFC

8 months ago

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BPPL Holdings PLC recently secured long-term funding of $ 15 million from the International Development Finance Corporation (DFC) of the US. “BPPL’s success in securing this funding from one of the world’s leading providers of development finance is a testament to our strength and stability, as well as an endorsement of our mission,” BPPL Holdings PLC Managing Director and Chief Executive Officer (CEO), Dr. Anush Amarasinghe said. “This serves as a timely boost, assisting BPPL to further enhance many key aspects of our operations. The development that will come about through this initiative will positively impact the country economically, socially, and environmentally.”  The funds raised from DFC will enable BPPL to expand its monofilament and polyester yarn operations, which use plastic waste as its primary raw material. This will generate greater export earnings for Sri Lanka whilst addressing the hazardous practices of plastic disposal – one of the country’s critical environmental problems.  “DFC’s investment in BPPL will promote transformative and sustainable development in Sri Lanka,” said DFC Chief Climate Officer Jake Levine. “Together, DFC’s financing and BPPL’s proven track record will boost economic growth while helping to advance a vision for a circular economy, which is ultimately a critical part of the work to address the climate crisis.”   BPPL is one of Southeast Asia’s brush manufacturers and Sri Lanka’s only polyester yarn producer, driven by state-of-the-art production technology and an unwavering commitment to sustainability. They collect and convert waste plastic to produce brush ware, monofilaments, and recycled polyester yarn, almost all of which are exported. The company’s recent efforts have won them several accolades, such as from Forbes Asia, ranking them amongst the top 200 companies under $1 billion in revenue in Asia in 2021.  The new funding will be used to expand operations to double the number of PET plastic bottle collection centres and the company’s bottle-washing capacity, and to enhance monofilament and polyester yarn production by 40% and 55% per annum, respectively, over the next 4-5 years.  

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