The Asian Development Bank (ADB) and Jingxing Holdings Malaysia Sdn Bhd, a subsidiary of Zhejiang Jingxing Paper Joint Stock Co., Ltd., have signed a $60 million financing package to expand Jingxing’s advanced wastepaper recycling and packaging paper facility in Selangor, Malaysia. The loan will support the installation of a state-of-the-art recycling and packaging paper line using German technology, adding 600,000 metric tons of annual production capacity and bringing the facility’s total capacity to 1.4 million metric tons per year. This expansion aligns with Malaysia’s circular economy goals, reduces reliance on virgin wood pulp, and supports ocean health by substituting single-use plastics with sustainable paper alternatives.
ADB Director General for Southeast and East Asia, Winfried Wicklein, highlighted that this project is the Bank’s first private sector initiative in Malaysia since 2007. He emphasized that the expansion underscores ADB’s commitment to sustainable, climate-friendly growth, strengthening regional supply chains and generating quality jobs. Malaysia’s paper packaging industry is rapidly growing due to rising demand for sustainable alternatives to single-use plastics and supportive policies promoting circular economy practices. Expanding domestic recycling capacity is key to meeting regional demand for high-grade packaging paper, reducing landfill waste, and lowering greenhouse gas emissions.
The project also incorporates social initiatives, including policies against workplace harassment of women and dedicated leadership development programs. It is expected to create over 200 direct jobs during construction and operations, avoid approximately 678,000 tons of CO₂ emissions annually, and implement best-in-class wastewater and emissions treatment standards. Zhu Zailong, Chairman of Jingxing, noted that the partnership with ADB accelerates Malaysia’s transition to a circular economy, maximizes resource efficiency, minimizes environmental impact, and supports green growth while meeting growing demand for sustainable packaging solutions.
Zhejiang Jingxing Paper Joint Stock Co., Ltd., is among China’s top 10 containerboard and household paper manufacturers, listed on the Shenzhen Stock Exchange, with an annual production capacity exceeding 1.35 million tons of packaging paper. ADB, founded in 1966 and owned by 69 members—50 from the Asia-Pacific region—supports inclusive, resilient, and sustainable growth across Asia and the Pacific through innovative financial tools and strategic partnerships, aiming to transform lives, build quality infrastructure, and safeguard the environment.
