The European Bank for Reconstruction and Development (EBRD) announced on Wednesday that it was granting €12.5 million to the Lebanese private sector, as part of a nine-year program to help small and medium-sized enterprises (SMEs) integrate effective circular economy practices into their operations.
The circular economy, or circularity, is the continual reuse of materials and resources, with the aim of reducing global waste. When products are reused, less waste is produced, and fewer new raw materials are needed.
Through this program, the EBRD will help companies in the industrial sector – mainly in the food and beverage value chain – to become more sustainable and reduce their carbon emissions.
Since the start of its operations in Lebanon, the EBRD has invested over €880 million, focusing on strengthening the competitiveness of the private sector, promoting sustainable energy and improving the quality and efficiency of public services.