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Proparco, the subsidiary of the French Development Bank (AFD) group joined forces with the Austrian Development Bank (OeEB) to grant a €34 million credit facility to Gravita Netherlands, the international division of Gravita India. This is to enable the construction of new industrial recycling plants in Senegal and Ghana.
Proparco, the subsidiary of the French Development Bank (AFD) group has joined forces with the Austrian Development Bank (OeEB) to grant a €34 million credit facility to Gravita Netherlands, the international division of Gravita India. This is to enable the construction of new industrial recycling plants in Senegal and Ghana. Proparco supports the circular economy in West Africa.
In Senegal and Ghana, the facility will enable Gravita to develop new recycling facilities to provide additional capacity and enter new markets, including rubber and copper. The financing facility will also support the day-to-day needs of Gravita’s international division through its working capital requirements. “Overall, the project will enable Proparco to help an industrial player to improve its E&S (environmental and social) practices through an Environmental and Social Action Plan (ESAP),” AFD’s subsidiary points out.
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Gravita has specialised in the recycling of lead, a hazardous product found in used car batteries, the management of which remains problematic in several African countries. Yet the World Health Organisation (WHO) estimates that exposure to lead is responsible for anaemia, hypertension and kidney failure. Lead also has toxic effects on the immune system and reproductive system.
