Loan to boost Sri Lanka’s plastic recycling infrastructure and BPPL’s monofilament/ polyester
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 of America.
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 whilst 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, respectively, over the next 4-5 years.
Going deeper, efforts to improve and strengthen the waste plastic collection network and infrastructure
on the island will have a significant socio-economic impact. Currently, BPPL has approximately 480
waste plastic collection entities that will benefit from this development, enhancing livelihood and income.
Through DFC’s support, BPPL is poised to expand this network, creating greater employment within
and beyond the company.
On the environmental front, this funding will increase the share of waste plastic collected in the country
to approximately 6,000 tons per annum, the company noted. This would increase the productive use of
waste plastic while reducing the environmental damage caused by plastics ending up in landfills or water
“BPPL’s success in securing this funding from one of the world’s leading providers of development
finance is a testament to our strength and stability, as well as an endorsement of our mission,” BPPL
Holdings PLC Managing Director and Chief Executive Officer, Dr. Anush Amarasinghe said. “This serves
as a timely boost, assisting BPPL to further enhance many key aspects of our operations. The development that will come about through this initiative will positively impact the country economically,
socially and environmentally.”
“DFC’s investment in BPPL will promote transformative and sustainable development in Sri Lanka,” said
DFC Chief Climate Officer Jake Levine. “Together, DFC’s financing and BPPL’s proven track record will
boost economic growth while helping to advance a vision for a circular economy, which is ultimately a
critical part of the work to address the climate crisis.”
The loan provided by DFC has a 10-year tenure with a three-year grace period and is subject to
About BPPL Holdings PLC
Founded in 1984, BPPL Holdings PLC, through its wholly-owned subsidiaries Eco Spindles (Pvt.) Ltd. and
Beira Brush (Pvt.) Ltd. export recycled polyester yarn, monofilaments and professional and household
cleaning tools to international markets, primarily in the US, Canada, UK, Australia and New Zealand,
with considerable market share in each region. The Group also produces household cleaning tools
retailed locally under the brand “Tip Top”.
U.S. International Development Finance Corporation (DFC) partners with the private sector to finance
solutions to the most critical challenges facing the developing world today. We invest across sectors,
including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small
businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments
adhere to high standards and respect the environment, human rights, and worker rights.