WaterEquity demonstrates the profound impact we can all have by leveling the playing field for the world’s poor to gain access to affordable financing to meet their water and sanitation needs.
KANSAS CITY, Mo. (PRWEB)
April 20, 2017
WaterEquity, an innovation of Water.org, has launched WaterCredit Investment Fund 3 (WCIF3), a new $50 million social impact investment fund that will invest in enterprises serving water and sanitation needs among the world’s poor. WCIF3 will raise and deploy social impact investment capital to scale Water.org’s proven WaterCredit solution, and is projected to empower at least 4.6 million people in South and Southeast Asia with access to safe water and/or sanitation. This new Fund builds on the success of WCIF1, WaterEquity’s inaugural $11 million Fund, which has already helped over 100,000 people.
“WaterEquity demonstrates the profound impact we can all have by leveling the playing field for the world’s poor to gain access to affordable financing to meet their water and sanitation needs,” said Gary White, co-founder and CEO of WaterEquity and Water.org. “The launch of WCIF3 brings us one step closer to creating a more financially inclusive ecosystem around water and sanitation that can end the global water crisis in our lifetime.”
WaterEquity is also pleased to announce that Bank of America, one of the world’s leading financial institutions, is supporting WCIF3 with a $5 million zero interest loan. This commitment to WaterEquity builds on the long-standing strategic partnership between Bank of America and Water.org.
“Access to safe water is integral to helping the global economy move forward,” said Anne M. Finucane, vice chairman of Bank of America. “Our investment in WaterEquity is an example of how Bank of America is able to deploy capital to support innovative, scalable solutions that address global challenges. WICF3 will help empower millions around the globe to participate in ending the water crisis.”
“We are grateful to Bank of America for their visionary leadership to make a $5 million loan,” White said. “They recognize the catalytic power of social impact investing required to end this global crisis, and we look to others to follow their lead.”
Research has identified $12 billion in demand among families at the Base of the Economic Pyramid (BOP) for access to affordable financing, such as small loans, to meet their water and sanitation needs. This represents at least 565 million people who are waiting for the market to reach them. Building on WaterCredit’s progress and impact, WaterEquity’s social impact investment funds will strive to respond to this market demand.
“At Water.org and WaterEquity, we think about the billions of people who are living and dying for water and…