News: ADB to invest in Asia’s water infrastructure -
03 Dec 2010
The Asian Development Bank (ADB) on Wednesday said it is investing some $20 million in a private equity fund that supports the development of water-related infrastructure in Asia.
The Manila-based bank said that Asia Water Fund will invest in water and wastewater assets in China and the rest of southeast Asian nations.
“By taking part in the fund, the ADB will catalyze more private investment in mainstream water sector development in Asia, which, in turn, will help spur sustainable growth and improve living standards in the region," said Robert van Zwieten, director of ADB’s private sector operations.
In Asia, about half a billion people still lack access to potable water and some 1.8 billion people don’t have access to decent sanitation, according to the ADB.
The bank estimated that about $8 billion a year is needed to meet the target for safe drinking water in Asia and the Pacific over the next decade.
“With global demand for water expected to double every 20 years, there is a critical need for new infrastructure," the development bank said.
The ADB said that Asia Water aims to invest in municipal, industrial, and rural water and wastewater treatment and rehabilitation plants. The target fund size is $100 million, with an anticipated $40 million this year, ADB said. It will inject around $5 million to $10 million per investment.
</p>The International Finance Corp., the private sector investment arm of World Bank, has also committed to invest up to $20 million in the fund. — With Jesse Edep/VS, GMANews.TV, 11/17/2010