New Delhi, 1st November 2023 – In a groundbreaking move to combat the global plastic waste crisis and uplift communities, Ethos Asset Management (Ethos), global debt financing firm headquartered in the US, is thrilled to announce its strategic financing in The Plastic Bank Recycling Corporation. This partnership, revealed in June of 2023, demonstrates Ethos’s unwavering dedication to environmental and social responsibility within its investment portfolio.
Notably, on October 3rd, Ethos’s team embarked on a visit to The Plastic Bank’s supply chain in Cairo, Egypt, as part of a concerted effort to witness the impact of their collaboration up close. The team’s journey included an ecosystem visit to “Manshyet Nasser,” one of the largest communities in Egypt, on that same day, allowing Ethos team to see the level of poverty and life being conduct across a city of trash with more than 60,000 people and perceive with the visit the impact and transformation that the Project of Plastic Bank allow to the lives of this all city not only financial but also at health, education, food security or organization of life purpose.
Carlos Santos, CEO of Ethos Asset Management affirms “I want to appreciate David Katz and all Plastic Bank team to the work that they are doing not only at the Manshyet Nasser but across the globe. They are driving a long-term prosperous project and providing purpose of life to more than 2 million people across the globe, heath, education, and food security. Plastic Bank represents the real meaning of monetization of plastic and the creation of a new currency base reserve.”
Ahmed Abdelaleem, Egypt & Cameron Country Manager of The Plastic Bank, provided an insightful briefing to the team before they ventured into the community, explaining the activities they were about to witness and the significant developments within the ecosystem.
During the visit, the team had the opportunity to tour one of The Plastic Bank’s non-refurbished branches in the Manshyet Nasser community, alongside a refurbished branch that included various improvements such as facility upgrades (painting, lighting, ventilation, and pest control), safety measures (fire extinguishers, first aid kits, safety gear), as well as branding with Plastic Bank and Henkel logos. Furthermore, water filters were provided to ensure safe drinking water for the community members.
A heartwarming highlight of the visit was the “Moments” initiative, where David Katz, Founder of Plastic Bank and Carlos Santos, Ethos CEO, engaged in a heartfelt act of kindness. They purchased all the goods from a local woman who operates a vegetable cart and encouraged her to distribute them for free to others. This selfless act had a ripple effect, as the lady reinvested the proceeds in fruits, thereby expanding her business and working capital. Additional acts of kindness included purchasing an entire cart of guava and a truckload of tea.
The tour provided a comprehensive understanding of the ecosystem, showcasing the tangible impact of Plastic Bank’s Social Recycling model on communities and the environment. Ethos Asset Management and Plastic Bank remain committed to driving positive environmental and social change through their ongoing partnership.
Key Figures Involved:
- Carlos Santos – CEO of Ethos
- Hans Kastersmith – Executive Director of Ethos for North and Central America
- Ethos team
- David Katz – Founder and Chairman, Plastic Bank
- Taylor Cannizzaro – Chief Relationship Officer, Plastic Bank
- Ben Lavoie – CEO, Plastic Bank
- Ahmed Abdelaleem – Egypt & Cameron Country Manager, Plastic Bank
- Leadership Team of Plastic Bank
- Egypt Marketing & Operations Team, Plastic Bank
Worth mentioning, on October 23, 2023, Plastic Bank announced a monumental milestone of stopping over 100 million kilograms of plastic waste from reaching the surrounding environment, equivalent to a mind-boggling 5 billion 500ml plastic bottles prevented from contributing to the growing crisis of plastic pollution.
This achievement marks a substantial step towards a cleaner, more sustainable world, as well as the unwavering dedication to safeguard the planet’s most valuable resource.
“This isn’t just a dream; it’s a remarkable achievement of our recycling communities who gathered each piece by hand, carving their own paths out of poverty with it,” announced David Katz, the visionary Founder and Chairman of Plastic Bank. “We stand at a crossroads. We can either continue down the path of consumerism, or we can embark on a profound journey of regeneration,” he added.
