A new programme to address the barriers to the transition towards a circular economy in Turkey and the Western Balkans has been launched by the European Bank for Reconstruction and Development (EBRD).
The Circular Economy Regional Initiative will support investments in the private sector, particularly small and medium-sized businesses, to implement innovative and resource efficient technologies and adopt circular business models in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, Serbia and Turkey.
The EBRD believes there is a pressing need for the transition to a circular economy to offset pressures from population increase, economic growth and unsustainable resource use in Turkey and the Western Balkans.
The new programme aims to improve chemical and waste management and the security of the supply of raw materials as well as increase competitiveness, promote innovation and boost economic growth.
Gianpiero Nacci, EBRD Acting Director for Green Economy and Climate Action, said: “We are very happy to launch this new programme and team up with our donor, the GEF [Global Environmental Facility], to promote the circular economy in Turkey and the Western Balkans.
“The EBRD is a frontrunner in this field and has an established track record in financing circular economy projects in the regions where it invests. This innovative programme is now the first of its kind in the target countries with a result-based financing mechanism and a clear link to a circular economy action plan.”