World Bank Launches 'Water Forward' Initiative to Tackle Global Water Stress
The World Bank, in collaboration with major development lenders, has launched the 'Water Forward' global initiative aimed at securing water access for one billion people within four years. Announced in London, the program seeks to transform water management by treating water as a strategic economic resource rather than a low-cost public utility. It focuses on mobilizing private capital and philanthropic funds alongside public investment to address the growing gap between freshwater supply and demand, which is projected to reach 40% by the end of the decade. Initially targeting 14 water-stressed countries in Africa, the Middle East, and South Asia, the initiative will prioritize reducing urban leakage, modernizing irrigation, and improving wastewater reuse. World Bank President Ajay Banga emphasized the critical role of water in economic stability, noting that water-related shocks significantly impact annual growth. The program involves partners such as the European Investment Bank, Asian Development Bank, and the New Development Bank. While the World Bank commits to serving 400 million people by 2030, combined partner efforts aim to reach over one billion individuals, addressing the needs of the 2.1 billion currently lacking safe drinking water.
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World Bank Launches 'Water Forward' Initiative to Tackle Global Water Stress
The World Bank, in collaboration with major development lenders, has launched the 'Water Forward' global initiative aimed at securing water access for one billion people within four years. Announced in London, the program seeks to transform water management by treating water as a strategic economic resource rather than a low-cost public utility. It focuses on mobilizing private capital and philanthropic funds alongside public investment to address the growing gap between freshwater supply and demand, which is projected to reach 40% by the end of the decade. Initially targeting 14 water-stressed countries in Africa, the Middle East, and South Asia, the initiative will prioritize reducing urban leakage, modernizing irrigation, and improving wastewater reuse. World Bank President Ajay Banga emphasized the critical role of water in economic stability, noting that water-related shocks significantly impact annual growth. The program involves partners such as the European Investment Bank, Asian Development Bank, and the New Development Bank. While the World Bank commits to serving 400 million people by 2030, combined partner efforts aim to reach over one billion individuals, addressing the needs of the 2.1 billion currently lacking safe drinking water.
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