Finance Ministers from Latin America and the Caribbean Target US$372B Investment in Water and Sanitation

The meeting, which gathered close to 100 ministers and development partners, was hosted by the Inter-American Development Bank (IDB) on the sidelines of the World Bank Spring Meetings. It was co-convened by UNICEF and the Sanitation and Water for All global partnership (SWA).

Climate change and increasingly frequent extreme weather events pose a threat to water and sanitation in the region, where over 450 million people lack adequate sanitation and almost 200 million lack continuous water services.

Highlighting the economic rationale behind investments in water and sanitation, the Economic Commission for Latin America and the Caribbean (ECLAC) estimates that an annual investment of 1.3 per cent of the regional GDP until 2030 could universalize access to these essential services. This investment is projected to create up to 3.4 million green jobs each year, demonstrating the potential for water and sanitation improvements to spur economic growth and environmental sustainability.

Finance ministers noted the meeting comes at a critical time for the region, which faces debt equating to 117 per cent of its GDP. Discussions centered on finance and policy strategies such as increasing public finance, leveraging the role of development banks and attracting private capital. Also addressed was the importance of climate finance, reducing energy consumption, and implementing both mitigation and adaptation strategies to support the sector.

Securing clean water and sanitation is also crucial for protecting the health and well-being of children and families. It not only establishes the groundwork for a thriving generation but also holds significant importance in shaping a more promising future for the region.