World Bank Group member, International Finance Corporation, has approved an $8m loan Turkish paper company Modern Karton for the construction of a waste water recovery system.

The loan, which was made through IFC’s Cleaner Production Lending Facility, will allow the Eren Group subsidiary, to conserve and re-use thousands of gallons of water per annum.

Eren Group chairman Ahmet Eren remarked that the government of Turkey is expanding the conservation of water in order to overcome the issues to availability of sustainable water.

IFC Manufacturing and Services director Guy Ellena added, "This project will help Modern Karton make a strategic investment to improve its resource efficiency and support the competitiveness of the company.

"We believe such projects are important to demonstrate that the careful assessment of climate change risks can actually increase the long-term sustainability of a business."

In the first half of 2013, IFC has invested $485m in 11 Turkish projects some of which pertain to renewable energy; energy efficiency; cleaner production and energy security.