BML Partners with MOPA to Boost Plastic Recycling Efforts in Maldives

Bank of Maldives (BML) has entered into a strategic partnership with the Maldives Ocean Plastics Alliance (MOPA) to strengthen sustainable recycling initiatives and tackle the growing challenge of plastic waste management in the country.

As part of the collaboration, an annex to MOPA’s Material Recovery Facility will be developed in Hulhumalé Phase 2. The facility will house heavy-duty PET grinders capable of converting discarded plastic bottles into granules, which will then be exported to established recycling plants in India and Malaysia. The initiative is expected to process tonnes of PET plastic waste collected from Hulhumalé, transforming it into raw materials for reuse.

BML Chief Executive Officer and Managing Director, Mohamed Shareef, highlighted the importance of the partnership in advancing the bank’s environmental goals. “We are proud to partner with MOPA as part of our ENV POS initiative. 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,” he said.

MOPA President Ahmed Maumoon described the initiative as a milestone in the nation’s recycling journey. “This partnership with Bank of Maldives is a critical step forward for our 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 remarked.

The partnership falls under BML’s ENV POS initiative, a long-term commitment to environmental sustainability. The program allows customers to support eco-friendly projects simply by using ENV POS terminals during daily transactions, at no additional cost to either customers or merchants.

BML has previously extended support to Parley Maldives under the same initiative, enabling the export of plastic waste to Germany, Taiwan, and Malaysia as part of the Parley AIR strategy.