The World Bank Group, in collaboration with multilateral lenders, has unveiled a new global initiative aimed at expanding water security to more than one billion people by 2030.
The initiative, known as Water Forward, is designed to align policy reforms, financing and partnerships to scale reliable water services and strengthen resilience to climate-related shocks such as droughts and floods.
The move comes as water scarcity continues to affect productivity, food systems and industrial activities across developing economies.
According to the World Bank, about four billion people currently experience water shortages, even as water supports an estimated 1.7 billion jobs globally.
President of the World Bank Group, Ajay Banga, said, “Water is foundational to how economies function. When water systems work, farmers produce, businesses operate, and cities attract investment.”
He added that the initiative aims to better align reforms and capital flows to deliver water services at scale.
A key component of the programme is the introduction of country-led “water compacts,” which will enable governments to outline reform priorities, strengthen institutions and develop clear investment pipelines.
Fourteen countries have already announced participation under the initiative, with more expected to join.
Development finance institutions, including the Asian Development Bank, European Investment Bank and Islamic Development Bank, are partnering to provide financing and technical support to accelerate implementation.
The World Bank said it plans to directly support water security for 400 million people by 2030, while partner commitments are expected to extend the reach beyond one billion.
The initiative also responds to growing demographic pressures, with over 1.2 billion young people projected to enter the workforce in developing countries over the next decade.
Analysts say the programme signals a shift among global lenders toward linking access to basic infrastructure with economic growth, job creation and investment opportunities.