Investments aimed at promoting waste recycling in Turkey will be financed with a budget of up to $125 million, the European Bank for Reconstruction and Development announced yesterday.

"The Near-Zero Waste initiative, approved by the board of directors, is set to drive a profound transformation of waste management in a move to help Turkey advance toward a more competitive, resource-efficient circular economy," the bank said in a statement.

The new project involves the financing of waste recycling investments in infrastructure, biomass and biogas facilities; technologies that reduce packaging waste; and use of alternative fuels in key energy intensive sectors.

The program plans to support up to 12 investment projects with a $125 million budget. It may be further supported by an additional $20 million from the "Clean Technology Fund."

"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," Jean-Patrick Marquet, EBRD director for Turkey, said. "We believe that together we can set examples other companies will follow," he said.

According to the statement, the bank's new program came just after the success of the Turkish Şişecam-EBRD joint project that utilized cullet instead of mined raw material to produce glass.