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Norwegian development financier Norfund has approved a loan to the Mohinani Group to strengthen its recycled polyethylene terephthalate (rPET) operations in Ghana and Nigeria, in a move designed to scale up sustainable packaging solutions across the region.
The funding will be channeled into Mohinani’s subsidiaries — Polytanks Ghana and Sonnex Packaging Nigeria — which oversee the company’s dedicated rPET plants.
Each facility is equipped with an annual capacity of 15,000 tonnes of food-grade recycled resin, a direct substitute for virgin PET widely used in bottles and other packaging materials.
Ashok Mohinani, Chairman of the Mohinani Group, described the partnership as a landmark in the company’s sustainability agenda.
“With Norfund’s support, we are accelerating our mission to establish a closed-loop bottle-to-bottle recycling system across West Africa and beyond. This will not only create jobs but also reinforce the circular economy while tackling environmental challenges,” he said.
Norfund’s West Africa Regional Director, Naana Winful Fynn, underscored that the deal aligns with the institution’s goal of building robust recycling industries in partnership with local businesses.
“By enabling Mohinani to expand its high-capacity recycling infrastructure, we aim to support collection networks, cut reliance on imported raw materials, generate employment, and reduce unmanaged plastic waste,” she noted.
Proparco, the French development finance institution, has pledged $42 million toward the initial closing of African Development Partners IV (ADP IV), the newest investment fund managed by London-based private equity firm Development Partners International (DPI).
TowerCo of Africa Tanzania (TOA Tanzania), a telecommunications infrastructure provider, has signed a $30 million financing agreement with British International Investment (BII) to bolster its network across the country.
MoneyHash, an Egyptian fintech company, has secured new funding from Tom Preston-Werner, co-founder of GitHub and former CEO, in an undisclosed seed funding round.
