A new global platform has been launched to help improve water security for one-billion people by 2030, and expand reliable water services and strengthen systems against droughts and floods, essential conditions for job creation.

The Water Forward platform, unveiled by the World Bank Group in partnership with multilateral development banks (MDBs), development finance institutions (DFIs) and key partners, aims to align country policy reforms, financing and partnerships to scale delivery.

“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 World Bank Group president Ajay Banga.

The World Bank Group, in a statement issued on Wednesday evening, said that water underpinned health, food systems, energy and an estimated 1.7-billion jobs worldwide.

However, four-billion people experience water scarcity, and in many countries, unclear policies, weak regulations and financially unsustainable utilities have slowed progress and deterred investment in the sector.

The new platform 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 also 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,” he continued.

MDBs, governments, philanthropies and private-sector stakeholders are aligning financing and expertise to speed investment and implementation of projects that will boost reliable access to water.

MDBs and DFIs that have committed to specific beneficiary targets for 2030 include the Asian Development Bank; Asian Infrastructure Investment Bank; Council of Europe Development Bank; European Bank for Reconstruction and Development; European Investment Bank; Inter-American Development Bank; Islamic Development Bank; New Development Bank; OPEC Fund for International Development; and the International Fund for Agricultural Development.

The World Bank Group is committed to delivering water security to 400-million by 2030, and with its additional partner commitments, Water Forward expects to reach more than one-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,” he concluded.