The World Bank Group, in partnership with multilateral development banks and other financing institutions, has unveiled a new global platform, ‘Water Forward’, aimed at improving water security for one billion people by 2030.

According to a statement on Wednesday, the initiative is designed to align policy reforms, financing, and partnerships to expand access to reliable water services while strengthening resilience to droughts and floods, which are critical for job creation and economic stability.

It noted that water plays a central role in health, food systems, and energy, supporting an estimated 1.7 billion jobs globally.

However, it warned that about four billion people still face water scarcity, driven largely by weak policies, poor regulation, and financially unsustainable utilities that have slowed progress in the sector and discouraged investment.

Water Forward, it said, sought to address these challenges by supporting developing countries in building stronger, more reliable water systems that can enhance productivity, improve livelihoods, and attract private-sector investment.

The initiative will also support reforms to strengthen institutions, improve financial performance, and develop investment-ready projects.

President of the World Bank Group, Ajay Banga, was quoted as saying that water remains fundamental to economic growth and stability.

“Water is foundational to how economies function. When water systems work, farmers produce, businesses operate, and cities attract investment. Our task now is to align reform, financing, and partnerships to deliver reliable water services at scale,” he said.

The statement added that at the core of the initiative are country-led water compacts, under which governments define reform priorities, strengthen institutions, and establish investment pathways for their water sectors.

It noted that 14 countries have already announced national water compacts under the initiative, while more are expected to follow.

It further stated that multilateral development banks, governments, philanthropies, and private-sector actors are aligning financing and technical expertise to accelerate the implementation of water projects.

The World Bank said it was committed to delivering water security to 400 million people by 2030, while partner institutions will help extend the reach to more than one billion people.

The statement added that with more than 1.2 billion young people expected to enter the workforce in developing countries over the next 10 to 15 years, reliable water systems will be critical for job creation and economic growth.

Other participating institutions with specific 2030 commitments include the Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, and Islamic Development Bank.

Others are the New Development Bank, OPEC Fund for International Development, and the International Fund for Agricultural Development. 

(NAN)