BAKU, Azerbaijan, March 6. The European Investment Bank (EIB) and Spain's Otua Group have agreed on a 40 million euro loan, Trend reports.
According to the EIB, This money will be used to build a new plant for recycling plastics from car waste and to improve the current facilities for handling metal waste.
The EIB loan supports the move towards a circular economy and the reuse of industrial materials. This helps cover the big initial costs and the long time it takes to recover investments in projects like managing waste. The InvestEU program is making this financing possible.
Building the new Otua plant and getting advanced recycling equipment will allow getting high-quality materials from waste. This is going to help prevent recyclable materials from going to landfills and reduce the carbon footprint of managing waste. This project fits with the EU Circular Economy Action Plan and supports Spain's Circular 2030 plan and the Basque Country's 2030 waste plan.
"The loan signed with Otua is yet another example of how the EIB promotes efficient waste management and job creation, helping to develop the circular economy set to play a key role in the green transition. Making these waste-management plants operational involves meeting very specific financing needs, which the EIB can do very well," said Antonio Lorenzo, head of the EIB’s Corporate Lending in Spain Division.
The EIB Group, which includes the EIB and the European Investment Fund (EIF), approved a total of 11.4 billion euros in funding for projects in Spain in 2023. About 6.8 billion euros of this money was dedicated to projects focused on climate action and environmental sustainability. In total, the EIB Group signed 88 billion euros in new financing throughout 2023.