Bank of Maldives (BML) has announced a strategic partnership with the Maldives Ocean Plastics Alliance (MOPA) to enhance sustainable plastic recycling in the country, as part of its ongoing ENV POS initiative.

The collaboration will see the establishment of an annex to MOPA’s existing Material Recovery Facility in Hulhumalé Phase II. The new facility will be equipped with industrial-grade PET grinders capable of processing large volumes of plastic bottles into granules. These processed materials will then be exported to established recycling centers in India and Malaysia.

The initiative specifically targets PET plastic waste collected from Hulhumalé, aiming to reduce environmental impact by converting waste into recyclable raw materials.

MOPA President Ahmed Maumoon also underscored the significance of the initiative, calling it a “critical step forward” for national recycling efforts. “By establishing this new facility, we are directly addressing a major source of plastic waste and turning it into valuable resources through a more efficient processing system,” he said.

The partnership is part of BML’s broader ENV POS initiative, an environmental sustainability program that allows customers to contribute to eco-friendly causes simply by using ENV POS terminals during everyday transactions. The program incurs no additional cost to customers or merchants.

In addition to its work with MOPA, the country’s national bank has also supported Parley Maldives in exporting plastic waste to recycling facilities in Germany, Taiwan, and Malaysia, as part of Parley’s AIR (Avoid, Intercept, Redesign) strategy.

This latest collaboration marks another milestone in BML’s commitment to driving environmental progress and fostering a circular economy in the Maldives.