Washington DC, April 19, 2024 – Finance Ministers from Latin America and the Caribbean met in Washington, DC today to discuss mobilizing US$372 billion over the next five years to combat the region’s water and sanitation crisis.
The conference brought together nearly 100 ministers and development partners and was hosted by the Inter-American Development Bank (IDB) on the sidelines of the World Bank Spring Meetings. The conference was co-hosted by UNICEF and the Global Partnership for Sanitation and Water for All (SWA).
Climate change and increasingly frequent extreme weather events threaten water and sanitation in the region, with more than 450 million people without adequate sanitation and approximately 200 million without continuous water service. is lacking.
Highlighting the economic rationale behind investments in water and sanitation, the Economic Commission for Latin America and the Caribbean (ECLAC) has announced that an annual investment of 1.3 percent of the region's GDP until 2030 will help fund these essential services. We estimate that access can be universalized. This investment is expected to create up to 3.4 million green jobs each year, demonstrating the potential of improved water and sanitation to drive economic growth and environmental sustainability.
Finance ministers noted that the meeting comes at a critical time for the region, which faces debt equivalent to 117% of GDP. Discussions centered on fiscal and policy strategies, including expanding public funds, utilizing the role of development banks, and attracting private capital. Also highlighted was the importance of climate finance, reducing energy consumption and implementing both mitigation and adaptation strategies to support the sector.
Access to clean water and sanitation is also important to protect the health and well-being of children and families. It is important not only in establishing the foundation for a prosperous generation, but also in shaping a more promising future for the region.
Catalina de Albuquerque, CEO of SWA, said: “Latin America and the Caribbean will need to advance 16 times faster on water and 7 times faster on sanitation. These numbers sound daunting, especially when heads of state and governments With ambitious and bold leadership from the top, we know that water and sanitation is a human right and a catalyst for economic development, improved public health, education and job creation. .”
UNICEF Executive Director Catherine Russell: “It is important that all governments designate safe water, sanitation and hygiene as essential public services. We urge all children and families to prioritize water, sanitation and hygiene. Allocating adequate resources to water, sanitation and hygiene is fundamental to a more resilient, fair and prosperous future for children and their families. ”
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Note to editors:
About the Latin American and Caribbean Finance Ministers Meeting: The Latin American Finance Ministers Conference brings together finance ministers from across the region to discuss the political and institutional reforms needed to make better use of existing resources. It also aims to attract additional resources to the water and sanitation sector to meet the United Nations Sustainable Development Goals. learn more: https://www.sanitationandwaterforall.org/2023-finance-ministers-meeting-0
