The European Bank for Reconstruction and Development (EBRD) is undertaking a Near-Zero Waste initiative in Turkey, by funding recycling setups, green initiatives and technologies that cut down on packaging waste.
The program, which also supports biomass and biogas projects, will finance 12 investments with up to $125m.
Clean Technology Fund, a funding wing of Climate Investment Funds, will provide $20m for the promotion of low carbon technologies and reduce greenhouse gas emissions.
The European Union is granting $2.2m through its Instrument for Pre-Accession Assistance (IPA) to offer technical inputs to project developers.
EBRD director for Turkey Jean-Patrick Marquet said: "With our new Near-Zero Waste program we aim to advance the circular economy in Turkey and kick-start the market of sustainable waste management.
"Together with our partners, the Clean Technology Fund and the EU, we will encourage Turkish businesses and municipalities to develop waste minimization projects which we will support with finance and advice. We believe that together we can set examples other companies will follow."
What acted as an inspiration behind the initiative was a glass recycling project jointly set up by EBRD and Turkish glass producer Sisecam. The bank has supported the company move from mined raw material to cullet for glass
Previously, under a funding from the Spanish Government, Sisecam conducted an awareness drive to encourage households in collecting glass waste.
On successful execution of the initiative, the EBRD provided $3.3m funding to Sisecam for raising its glass collection capabilities and catalyzing the company's glass-recycling and energy efficiency investments.