Bank of Maldives (BML) has signed a strategic partnership with the Maldives Ocean Plastics Alliance (MOPA) under its ENV POS initiative, aimed at boosting sustainable recycling practices and addressing plastic waste management in the Maldives.

As part of the agreement, an annex to MOPA’s existing Material Recovery Facility will be established in Hulhumalé Phase 2. The facility will house heavy-duty PET grinders to convert plastic bottles into granules, which will then be exported to recycling plants in India and Malaysia. The initiative is expected to process large volumes of PET waste collected in Hulhumalé, creating a more efficient recycling system.

BML’s CEO and Managing Director, Mohamed Shareef, said the partnership demonstrated how collaboration could deliver meaningful environmental impact while enhancing the country’s recycling capacity. He added that the bank’s commitment under the ENV POS initiative was part of a long-term strategy to contribute towards a more sustainable future for the Maldives.

MOPA President Ahmed Maumoon described the partnership as a significant step forward for national recycling efforts, noting that the new facility would enable the conversion of substantial amounts of plastic waste into valuable raw materials.

The ENV POS initiative is designed to channel funds towards environmental projects by allocating a contribution for every transaction made using ENV POS terminals, without any added cost to customers or merchants. Under this programme, BML has also supported Parley Maldives in exporting plastic waste for recycling to Germany, Taiwan and Malaysia.