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The EU has allocated 3.7 million euros ($4 million) to fund 2Circular, a project implemented by the United Nations Industrial Development Organisation (UNIDO) to support the green and circular economy in Lebanon.

A statement released by UNIDO on Friday said that "the 2Circular project aims to partner with over 50 food and beverage companies to create momentum for green and circular production in Lebanon".

According to the statement, the project will award a total of 280,000 euros in in-kind grants to 10 companies that are resource-efficient and circular-friendly, Xinhua news agency reported.

The project was launched in partnership with Lebanese Ministries of Industry, Economy and Trade, Environment, and Finance, the Association of the Lebanese Industrialists, and the Federation of the Chambers of Commerce, Industry, and Agriculture.