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EBRD to support transition to circular economy of six SEE countries

EBRD to support transition to circular economy of six SEE countries Photo: EBRD

SKOPJE (N. Macedonia), October 4 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it will provide $140 million (120.4 million euro) in financing to Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, Serbia and Turkey as part of a new programme to address hurdles in the transition to a circular economy.

Furthermore, the Global Environmental Facility (GEF) will contribute $13.76 million and the Austrian finance ministry will provide $1 million for technical cooperation under the programme, the EBRD said in a statement.

The new programme aims to improve chemical and waste management and the security of the supply of raw materials, as well as to increase competitiveness, promote innovation and boost economic growth.

It 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, the EBRD said.

"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," Gianpiero Nacci, EBRD Acting Director for Green Economy and Climate Action, said in the statement.

($ = 0.8601 euro)