The European Bank for Reconstruction and Development (EBRD) will fund recycling infrastructure and technologies that reduce packaging waste in Turkey, as part of a new Near-Zero Waste initiative.
The initiative will finance 12 investments of up to $125m.
EBRD Turkey director Jean-Patrick Marquet said: "With our new Near-Zero Waste programme, we aim to advance the circular economy in Turkey and kick-start the market of sustainable waste management."
An additional $20m from Clean Technology Fund, a funding arm of Climate Investment Funds, will be provided to finance the promotion of low carbon technologies and reduce greenhouse gas emissions.
The programme, which also funds biomass and biogas projects, will be backed by a $2.2m grant from the European Union through its Instrument for Pre-Accession Assistance to offer technical input to project developers.
"Together with our partners, the Clean Technology Fund and the EU, we will encourage Turkish businesses and municipalities to develop waste minimisation projects which we will support with finance and advice. We believe that together we can set examples other companies will follow," Marquet added.
A glass recycling project, jointly set up by EBRD and Turkish glass producer Sisecam, has acted as an inspiration behind the initiative.
Earlier, Sisecam placed bottle banks across Turkey and launched an awareness programme to encourage households to collect glass waste, under a funding from the Spanish Government.
Following successful execution of the initiative, the EBRD provided €30m in loan to Sisecam for increasing glass collection capabilities and finance the company's glass-recycling and energy-efficiency investments.
Image: A glass recycling project, jointly set up by EBRD and Turkish glass producer Sisecam, has acted as an inspiration behind the initiative. Photo: courtesy of European Bank for Reconstruction and Development.