Day: February 18, 2025

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IFC Grants $37 Million Loan to Mohinani Group for PET Recycling in Ghana and Nigeria

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IFC Grants $37 Million Loan to Mohinani Group for PET Recycling in Ghana and Nigeria

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The International Finance Corporation (IFC) has announced a collaboration with Ghana-based manufacturer Mohinani Group to enhance plastic waste recycling in Ghana and Nigeria.

The initiative aims to tackle environmental challenges while promoting economic growth through sustainable plastic waste management.

As part of the partnership, IFC is extending a $37 million loan to Mohinani Group’s subsidiaries, Polytank Ghana and Sonnex Packaging Nigeria, to support the establishment of polyethylene terephthalate (PET) recycling plants in both countries.
 
These facilities will focus on converting plastic waste into recycled PET (rPET) resins, which serve as a substitute for virgin PET resins used in food and beverage packaging.

Each recycling plant will have the capacity to produce 15,000 tonnes of rPET resins annually, with around 90% of the raw materials sourced from small businesses engaged in plastic collection.
 
This initiative is expected to generate over 4,000 direct and indirect jobs across the value chain while reducing reliance on imported resins, resulting in estimated annual savings of $21 million per country.

Roshan Mohinani, Strategy and Transformation Manager at Mohinani Group, highlighted the project’s goal of advancing environmental sustainability and fostering economic empowerment.
 
“The rPET initiative was conceived to close the bottle-to-bottle recycling loop in Africa while improving the quality of life in the region,” he stated.
 
“It is expected to create thousands of jobs, particularly benefiting women and young people in Ghana and Nigeria.”

IFC’s Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, emphasized the significance of the initiative in addressing both economic and environmental concerns.
 
“By recycling up to 30,000 tonnes of PET waste annually, these new plants will not only contribute to a cleaner environment but also support local economies by replacing imports with locally recycled materials,” she said.

PET, a widely used polymer resin, is a key material in food and beverage packaging.
 
Through this partnership, IFC and Mohinani Group seek to strengthen Africa’s recycling infrastructure while fostering a circular economy that benefits both businesses and communities.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Egyptian SaaS Startup Qme Raises $3 Million Seed Funding to Revolutionize Appointment Booking

New Investments

Egyptian SaaS Startup Qme Raises $3 Million Seed Funding to Revolutionize Appointment Booking

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Egyptian software-as-a-service (SaaS) startup Qme has raised $3 million in seed funding, with AHOY, a deep-technology company, leading the investment round.

The funding will support Qme’s expansion and further development of its AI-driven appointment booking solutions, which aim to improve efficiency and streamline operations across multiple industries.

Qme’s platform is designed to address persistent inefficiencies in appointment scheduling and queuing systems, particularly in the Middle East and North Africa (MENA) region.

Research indicates that individuals spend an average of six months of their lives waiting in queues, while 92% of appointments in the region are still booked over the phone—contributing to a 31% no-show rate and compounding operational challenges.

Since launching commercially in 2023, Qme has served over 100,000 customers across healthcare, banking, and government sectors.

The startup reports significant efficiency improvements, reducing average wait times from 116 minutes to just 14 minutes.

It has also helped lower phone booking no-show rates to under 1% and replaced traditional paper-based queuing systems with digital alternatives, saving an estimated 50,000 square meters of paper.

The fresh investment aligns with Qme’s participation in AHOY’s Startup Builder Initiative, a program committed to supporting 10,000 entrepreneurs and 30,000 software developers across MENA by 2030.

The initiative focuses on innovation in infrastructure sectors, including transportation, aviation, and smart cities.

Through its partnership with AHOY, which specializes in logistics, aviation, and traffic management, Qme will gain access to advanced technology and industry expertise to accelerate its growth in complex markets such as the Gulf Cooperation Council (GCC) and Africa.

Maged Negm, CEO and Co-Founder of Qme, emphasized the transformative potential of this collaboration.

He noted that AHOY’s expertise in operational excellence and advanced technology will be instrumental in scaling Qme’s solutions to optimize movement and enhance customer experiences in dynamic environments.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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