Al Khalij Commercial Bank (al khaliji) has announced plans to finance one of the largest Greenfield projects for recycling materials in the country.

The Qatar bank's move is in line with its objective to support green-technology businesses in the country.

The initiative comes as part of the “Generation Green” program at al khaliji, aimed at supporting environmental development and social responsibility in Qatar.
    
The QR117 million ($32 million) project, named Modern Recycling Plant (MRP), has been designed to recycle used tyres on a sprawling 20,000 sq m in Mesaieed Industrial City.

The project is focused on the recycling of used tyres and rubber materials, and is in line with the government’s efforts to make recycling a standard practice that promotes environmental sustainability in the country, as well as creating economic opportunities that contribute to diversifying state revenues, said a statement from al khaliji.

Group chief business officer Mohamed Abdelkhalek said: "We have consistently shown our commitment to the promotion of sustainable development within the Qatari community. We have tackled all facets of this mission while preserving the natural and environmental landscape of Qatar."

"We are fully committed to financing the Modern Recycling Plant project,  as it is in line with the objectives of the Qatar National Vision 2030, and with our corporate social responsibility program, which places special emphasis on supporting green initiatives," he noted.

The new plant's CEO Ibrahim Al Muhannadi said al khaliji’s contribution demonstrates the bank's strong commitment towards generating environmental awareness in society.

“The goals and objectives of the Modern Recycling Plant are very much aligned with Qatar’s National Vision 2030. This project is only a starting point to support a knowledge-based economy, building on our firm belief that the industry itself is a foundation for innovation, and for the creation of new products that contribute to economic growth," he added.-TradeArabia News Service