BML and MOPA partner up for sustainable plastic recycling

Bank of Maldives (BML) has entered into a strategic partnership with Maldives Ocean Plastics Alliance (MOPA) under its ENV POS initiative.

According to the bank, the partnership is aimed at bolstering sustainable recycling practices and addressing plastic waste management in the Maldives.

As part of this partnership, an extension of MOPA’s existing Material Recovery Facility will be set up in Hulhumalé Phase II. The new facility will house heavy-duty PET grinders capable of efficiently converting plastic bottles into granules. These granules, processed from large volumes of PET plastic waste collected in Hulhumalé, will be exported to well-established recycling plants in India and Malaysia.

Commenting on the partnership, BML’s CEO, Managing Director Mohamed Shareef said the bank, by supporting the development of local recycling capacity and enabling exports to regional facilities, is contributing to a more sustainable future for the Maldives and demonstrating how collaboration can drive meaningful environmental impact.

MOPA’s president Ahmed Maumoon said the partnership with the bank is a critical step forward in its national recycling efforts.

“By establishing this new facility, we’re directly tackling a significant volume of plastic waste, turning it into valuable raw materials and creating a more efficient system,” he added.

The ENV POS initiative reflects BML’s long-term commitment to promoting environmental sustainability, allowing customers to support a greener future simply by using ENV POS terminals for their daily transactions—at no extra cost to either the customer or the merchant.

Through this initiative, BML has also partnered with Parley Maldives to support the export of plastic waste for recycling to Germany, Taiwan, and Malaysia, in line with Parley’s AIR strategy.