Abuja: The World Bank Group, together with multilateral development banks and financing institutions, has launched a new global platform, ‘Water Forward’, to enhance water security for 1 billion people by 2030.
In a statement released on Wednesday in Abuja, the World Bank explains the initiative aligns policy reforms, financing, and partnerships to broaden access to dependable water services and strengthen resilience against droughts and floods—essential for job creation and economic stability.
It highlights that water is vital to health, food systems, and energy, supporting approximately 1.7 billion jobs globally.
However, it warns that nearly four billion people face water scarcity, mainly due to ineffective policies, lax regulation, and financially unsustainable utilities, which hinder sector progress and deter investment.
Water Forward, it said, seeks 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.
Ajay Banga, President of the World Bank Group, emphasised that water is fundamental to economic growth and stability.
“Water is foundational to how economies function,” he said. “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.”
The statement says country-led water compacts are central to the initiative, enabling governments to set reform priorities, reinforce institutions, and shape investment strategies 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 Group is committed to delivering water security to 400 million people by 2030. Partner institutions will extend the reach to over one billion people.
The statement added that reliable water systems will be critical for job creation and economic growth. This is especially important as more than 1.2 billion young people are expected to enter the workforce in developing countries in the next 10 to 15 years.
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.
