Ten major development banks approved $19.6 billion in water projects this year and released their first joint report tracking investments to tackle the global water crisis, according to a New Development Bank (NDB) announcement. The Water Security Financing Report 2024 shows that $14.4 billion went to low- and middle-income countries for everything from clean water access to flood protection. The report came out of promises made at COP28 and the One Water Summit to work together more on water problems. This marks the first time multilateral development banks have pooled their data to show where water money is going and what’s still needed.
Water financing gaps remain huge, especially in Sub-Saharan Africa and countries hit by conflict or disaster. Many places need to spend much more money to meet UN goals for clean water and sanitation by 2030. Climate change is making things worse as droughts and floods become more common. The banks say they’re mixing government loans with private investment and technical help to get more money flowing to water projects.
The banks are working together on projects across regions instead of going it alone. Examples include urban sewage systems in Egypt, flood management in the Philippines, climate-proof infrastructure in Barbados, and irrigation upgrades in Cambodia. The report shows how different banks are splitting costs, sharing knowledge, and lining up their strategies to get bigger results than they could manage separately.
The development banks plan to release updated reports each year to track progress and show how these water investments actually help people and communities. They’re also pushing for policy changes to make water services more reliable and financially stable over time.
