Dhaka: The Asian Development Bank (ADB) and the government of Japan have announced the establishment of a new fund aimed at enhancing water security and protecting communities across Asia and the Pacific from increasing water-related challenges such as floods and droughts.

According to United News of Bangladesh, Japan has committed an initial $10 million to the fund, which was confirmed through a message from Tokyo. ADB President Masato Kanda emphasized the fundamental importance of water, stating, “There is nothing more basic to life, or more decisive for development, than water.” He highlighted the widespread impact of failing water systems, which lead to agricultural, economic, and social vulnerabilities.

President Kanda further explained that effective water management is crucial for community prosperity, attracting investment, and economic growth. He also noted the significance of water as a clean and reliable source of hydropower, particularly in the current energy markets. Acknowledging the progress made by Asia and the Pacific, he stressed the need for accelerated efforts, smarter investments, and the establishment of water security as the foundation for a more resilient future.

The newly created Water Initiative for Security, Efficiency and Resilience (WISER) Fund, a collaborative effort between ADB and Japan, aims to assist ADB’s developing member countries. The fund’s objectives include strengthening water systems, reducing disaster risks, improving water-use efficiency, and implementing digital and innovative solutions to address water-related challenges.