The World Bank Group is to launch a new scheme which is designed to deliver access to water for over 1 billion people amid fears over the impact on the global economy.

The group has created a partnership with multilateral development banks, development finance institutions and key partners, to create Water Forward, a global platform to help improve water security for 1 billion people by 2030.

The bank said the platform will align policy reforms, financing, and partnerships to expand reliable water services and strengthen systems against droughts and floods—essential conditions for job creation.

It came as the bank’s president said water remains at the heart of global economic resilience.

The United Nations has said water scarcity affects roughly 4 billion people, or two-thirds of the global population, for at least one month annually.

Driven by climate change, population growth, and high agricultural demand (70% of usage), this crisis involves both physical shortages and poor infrastructure. By 2050, three in four people could face drought impacts

“Water underpins health, food systems, energy, and an estimated 1.7 billion jobs worldwide; yet 4 billion people experience water scarcity,” The World Bank explained. “In many countries, unclear policies, weak regulations, and financially unsustainable utilities have slowed progress and deterred investment in the sector.

“Water Forward aims to address these challenges by helping developing countries build stronger, more reliable water systems that can unlock productivity, support livelihoods, and enable private investment. The initiative will support reforms to strengthen institutions, improve financial performance, and develop investment-ready projects.”

At the core of the initiative are country-led water compacts, through which governments define reform priorities, commit to strengthening institutions, and establish investment pathways for their water sectors. Today, 14 countries announced their national water compact under the Water Forward initiative, and many more are underway.

“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,” said Ajay Banga, President of the World Bank Group.

Multilateral development banks, governments, philanthropies, and private sector actors are aligning financing and expertise to speed investment and implementation of projects that will boost reliable access to water. The World Bank Group is committed to delivering water security to 400 million by 2030. With its additional partner commitments, Water Forward expects to reach more than 1 billion people.

“With more than 1.2 billion young people entering the workforce in developing countries over the next 10 to 15 years, reliable water will be critical. Strong water systems are foundational to healthy economies that can attract private investment and create jobs,” The World Bank concluded.