To address barriers to the transition to a circular economy, the European Bank for Reconstruction and Development (EBRD) is launching a new programme, called the ‘Circular Economy Regional Initiative’, in Turkey and the Western Balkans.
The programme will support investments in the private sector, particularly small and medium-sized enterprises (SMEs), to implement innovative and resource-efficient technologies and adopt circular business models in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, Serbia, and Turkey.
The Global Environmental Facility (GEF) is funding the programme with USD 13.76 million, which will be blended with EBRD finance of approximately USD 140 million. The programme will be complemented by technical cooperation funding of USD 1 million by the Austrian Federal Ministry of Finance.
The global economy is largely based on a model in which raw materials are extracted, processed, sold, used, and discarded. The resulting…