Bank of Maldives (BML) has entered into a strategic partnership with the Maldives Ocean Plastics Alliance (MOPA) to strengthen the country’s plastic recycling infrastructure, marking a significant step in the fight against ocean pollution.
The collaboration, announced under BML’s ENV POS initiative, will establish an annex to MOPA’s Material Recovery Facility in Hulhumalé Phase 2. The new site will house heavy-duty PET grinders designed to convert plastic bottles into granules. These granules will then be exported to established recycling plants in India and Malaysia, ensuring that large volumes of PET waste collected in Hulhumalé are diverted from landfills and repurposed into valuable raw materials.
Corporate and Environmental Impact
BML CEO and Managing Director Mohamed Shareef emphasized the bank’s commitment to sustainability through this partnership.
“By supporting the development of local recycling capacity and enabling exports to regional facilities, we are contributing to a more sustainable future for the Maldives and demonstrating how collaboration can drive meaningful environmental impact” Shareef said.
MOPA President Ahmed Maumoon described the project as a “critical step forward” in national recycling efforts, highlighting its role in reducing plastic pollution while adding value through the creation of reusable raw materials.
Expanding BML’s Green Initiatives
The partnership builds on BML’s wider ENV POS program, which allows customers to support environmental projects simply by making payments through designated terminals, without additional cost to users or merchants. Through the same initiative, the bank has previously supported Parley Maldives in exporting plastic waste to Germany, Taiwan, and Malaysia as part of Parley’s global AIR (Avoid, Intercept, Redesign) strategy.
By collaborating with MOPA, BML not only strengthens its environmental portfolio but also demonstrates how financial institutions can play a pivotal role in advancing sustainability goals.
