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Developing industrial recycling in Ghana and Senegal
Project
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Signature date
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Location
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Ghana, Senegal, Multi-country Africa
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Financing tool
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Financing amount (Euro)
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17000000
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Financing details
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EUR 17m loan
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Customer
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GRAVITA NETHERLANDS BV
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Type of customer
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Company
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Country of headquarters
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The Netherlands
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Project number
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PGH1108
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Environmental and social ranking
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A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco and OeEB have partnered to support industrial recycling in Ghana and Senegal with Gravita India Limited Group. The project will reduce informal recycling through the construction of two new industrial recycling facilities.
Client presentation
Founded in 1992 by the Agrawal family, Gravita India Limited is one of the leading lead-acid battery recyclers in India and abroad. The Group is a fast-growing company operating five production sites in India and seven abroad (Africa, Asia). In recent years, Gravita India Limited has diversified its activity in new sectors (aluminum, plastic) and new geographical areas, with an ambitious international development strategy.
Project description
Proparco and OeEB are each providing EUR 17m of financing for two new recycling plants in Senegal and Ghana. The project aims to support the Group’s international growth and increase its recycling capacity for new waste, such as rubber and copper. Part of the project financing is earmarked for the working capital requirements of Gravita’s International Division and for refinancing with local banks.
Project impact
The project is classified 100% climate and will enable Proparco to help an industrial player improve its E&S practices through an Environmental and Social Action Plan (ESAP). This raw material recycling project will:
- Avoid the emission of 29 kt of CO²eq per year
- Contribute to reducing informal recycling, a public health and environmental pollution issue
- Support 7,300 jobs over the next 5 years, including more than 600 jobs created at Gravita.
The project will contribute to the achievement of SDGs 3 (“Good health and well-being”), 8 (“Decent work and economic growth”), 9 (“Industry, innovation and infrastructure”) and 13 (“Climate action”).