Nigerian Food Delivery Startup Chowdeck Secures $2.5 Million in Seed Funding
Chowdeck, a fast-growing Nigerian on-demand delivery service, has secured $2.5 million in seed funding to fuel its expansion plans within the country.
May 1, 2024
New Investments
IFC Grants $37 Million Loan to Mohinani Group for PET Recycling in Ghana and Nigeria
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.
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.
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.
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.
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.
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.
Share :
“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.
You may also like...
Egyptian Insurtech Startup Amenli Raises $1 Million Equity Funding to Fuel Growth
Amenli, an Egyptian insurtech startup, has raised $1 million in equity funding to fuel its growth.
October 13, 2023
Mediterrania Capital and CDG Invest Inject $59 Million into Dislog’s Medical Devices Arm
Mediterrania Capital Partners (MCP) and CDG Invest Growth have made a combined capital injection of $59 million into Dislog Dispositifs Médicaux (DDM), the medical device subsidiary of Dislog Group.
August 5, 2025