Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, has been awarded ‘Best Regional Loan’ in the manufacturing sector for its US$300 million Blue Loan – the first of its kind granted to a plastic resin manufacturer. The award was announced at ‘Triple A Sustainable Capital Markets Regional Awards 2020’ virtual ceremony organized by The Asset, Asia’s leading financial magazine. This recognition reflects IVL’s commitment to being at the forefront of businesses striving for a sustainable future.
The Blue Loan, which exclusively focus on addressing marine plastic pollution, comprises US$150 million senior loan from the International Finance Corporation (IFC) and parallel loans of $150 million from the Asian Development Bank (ADB) and Deutsche Investitions-und Entwicklungsgesellschaft (DEG). IVL will utilize the fund to promote a circular economy by enhancing capacity of IVL’s PET recycling plants in Brazil, India, Indonesia, the Philippines and Thailand following its sustainability goal of achieving 750,000 metric tons of PET recycling globally by 2025. The fund will also help the company invest in other climate-related initiatives.
The board of editors at The Asset, said, “The blue loan represents the latest environmental initiative by corporates such as Indorama Ventures, which will divert plastic waste from landfills and oceans, thus contributing to a better environment.”
Yash Lohia, Chief Sustainability Officer at Indorama Ventures, said, “Indorama Ventures is honored to receive the Best Regional Loan Award for the first-ever Blue Loan to a plastic resin manufacturer. This award reflects IVL’s commitment to building recycling infrastructure to undertake proper waste management and prevent impacts on the marine ecosystem. By recycling post-consumer PET bottles as a feedstock for new bottles, we give value to waste. This drives improvements in waste collection systems, meaning less waste and cleaner oceans.”