Skopje, 4 October 2021 (MIA) — To address barriers to the transition to a circular economy, the European Bank for Reconstruction and Development (EBRD) is launching a new program, called the “Circular Economy Regional Initiative”, in Turkey and the Western Balkans. According to an official press release, the program will support investments in the private sector, particularly small and medium-sized enterprises, 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 program with US$ 13.76 million, which will be blended with EBRD finance of approximately US$ 140 million. The program will be complemented by technical cooperation funding of US$ 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 release says. "The resulting environmental impacts are wide ranging and include hazardous chemicals released to the environment, increased greenhouse gas (GHG) emissions, plastics entering the ocean, increased use of land for landfill and greater use of water. "There is a pressing need for transitioning to a circular economy to off-set accelerating pressures from population increase, economic growth and unsustainable resource use in Turkey and the Western Balkans. "The new program 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," the release adds. mr/