Sri Lanka’s plastic recycling capabilities and infrastructure are set to soar with BPPL Holdings PLC, the country’s pioneer in the field, securing long-term funding of US$ 15 million from the International Development Finance Corporation (DFC) of the United States.
The funds raised from DFC, the development finance agency of the United States Government, will enable BPPL to expand its monofilament and polyester yarn operations, which use plastic waste as its primary raw material. This will generate greater export earnings for Sri Lanka, while addressing the hazardous practices of plastic disposal-one of the country’s critical environmental problems.
BPPL is one of Southeast Asia’s largest brush manufacturers and Sri Lanka’s only polyester yarn producer, driven by state-of-the-art production technology and an unwavering commitment to sustainability. They collect and convert waste plastic to produce brush ware, monofilaments, and recycled polyester yarn, almost all of which are exported. The company’s recent efforts have won them several accolades, such as from Forbes Asia, ranking them amongst the top 200 companies under US$ 1 billion in revenue in Asia in 2021.
The new funding will be used to expand operations to double the number of PET plastic bottle collection centres and the company’s bottle washing capacity, and to enhance monofilament and polyester yarn production by 40% and 55% per annum, over the next 4-5 years.