Washington, April 16 : The World Bank Group has launched a global initiative to improve water security for one billion people by 2030, linking access to reliable water directly to jobs, economic growth and stability across developing economies.

The platform, called Water Forward, aims to align reforms, financing and partnerships to expand water services and strengthen resilience to droughts and floods.

â??Water is foundational to how economies function. When water systems work, farmers produce, businesses operate, and cities attract investment,â?? World Bank President Ajay Banga said on Wednesday (local time).

He warned that without functioning water systems, â??economies donâ??t work,â?? adding that water is â??not a side issueâ?? but â??foundational and fundamental.â??

The initiative comes as water scarcity affects an estimated 4 billion people globally, while water-dependent sectors already support more than 1.7 billion jobs, according to the Bank.

The World Bank said it will aim to reach 400 million people directly, with partner institutions expected to take the total beyond one billion.

At the core of the initiative are country-led â??water compacts,â?? where governments commit to reforms, strengthen institutions and outline investment pipelines. Fourteen countries announced such compacts at the launch.

The push also seeks to unlock private capital by improving regulation, utility performance and project preparation.

Business leaders echoed the economic case for water investments. Nigerian industrialist Aliko Dangote said water must be treated as core infrastructure, warning that â??when water systems fail, labour markets, agriculture, industry, health, and human capital suffer.â??

â??One thing that would be importantâ?¦ is to make sure that those most affectedâ?¦ get the help they deserve,â?? Banga said, noting the need for targeted support amid global economic strain driven by conflict and debt pressures.

Speakers from developing countries highlighted how water shortages affect schooling, agriculture and business activity. One youth advocate said, â??Water is not only about thirstâ?¦ it is about whether you go to school, whether you keep your job.â??

Multilateral development banks and institutions pledged support, with commitments targeting hundreds of millions of people across regions, including Asia, Africa and Latin America.

The initiative also drew backing from the United Nations, with Secretary-General António Guterres calling water access essential to sustainable development and warning that billions still lack safe water and sanitation.

He said the global system has failed to direct resources where needed, citing a financing gap of around $1 trillion annually in the water sector.

/IANS