Amid global aid cuts, new water financing from multilateral development banks must go to the most vulnerable

At UN Development Conference in Seville, 10 Multilateral Development Banks publish a joint report on water security financing, delivering on the bold commitments made at the One Water Summit in Riyadh last year. 

Luisa Galvao, WaterAid’s Advocacy Lead on International Financial Institutions, responds:

“Amid mounting geopolitical tension and climate-driven water stress, this first-of-its-kind joint report on water security financing by Multilateral Development Banks (MDB) marks a pivotal moment.

“The promise of increased MDB collaboration on water, though overdue, is a welcome step that can drive more effective, efficient and wide-reaching action on water – essential to driving systemic change and protecting global security.

“However, at a time of unprecedented aid cuts it is disappointing to see that only 10% of these banks’ collective financing goes to the world’s poorest countries. Whilst we welcome this report and the efforts it represents, it is critical that multilateral development banks step up efforts and ensure tangible improvements for the most water-insecure communities.

“Progress on paper must translate into dignity and water access on the ground – especially for the most vulnerable.”

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