BAKU, Azerbaijan, December 3. The European Investment Bank (EIB) and eight multilateral development banks (MDBs) have pledged to boost global water security through a joint statement at the One Water Summit in Riyadh, Saudi Arabia, Trend reports.
The summit, held in conjunction with COP16 on desertification, brought together global leaders to discuss international water cooperation.
The EIB, alongside the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, Islamic Development Bank, New Development Bank, and World Bank Group, will work to mobilize finance, promote innovative solutions, and strengthen water governance, with a focus on vulnerable regions.
As part of this initiative, the EIB will launch a new water program in spring 2025 aimed at addressing water scarcity and improving flood resilience, particularly in climate-affected areas. EIB Vice President Gelsomina Vigliotti emphasized the urgent need for action, stating that water access is essential for improving lives and empowering communities.
Over the past five years, the MDBs have collectively invested $50 billion in water projects, benefiting over 400 million people. The banks plan to increase support by attracting private investment and improving coordination to streamline project implementation.