Water.org receives a $3 million Grant from Bank of America to empower 2.50 lakh people in south India and Brazil
The Bank of America is extending a $3 million grant to Water.org, over three years, apparently to help in excess of 2.5 lakh people living in southern India as well as Brazil with a slew of aspects including safe water and sanitation, accelerating positive change in their homes and communities.
The micro-finance solution called WaterCredit, encompassed by Water.org is aimed at enabling people in need to access small loans for water connections and to set up toilets. What is more, through market-driven financial solutions, this grant will help Water.org change lives with allocations of $2 million to India and $1 million to Brazil, according to a statement issued by Water.org.
This announcement builds on previous grants which, including this announcement, total $4.25 million to Water.org since 2011 from the Bank of America’s Charitable Foundation. This new grant funding will also enable Water.org’s local implementing partners to mobilise $21 million in local capital that they will use to provide water and sanitation loans to the under- and un-served.
Gary White, CEO and co-founder of Water.org“With support from Bank of America Charitable Foundation, we have made great progress in providing access to safe water where it’s needed the most,” said . “With this new grant, we’ll be able to reach more than a quarter of a million more people in India and Brazil.”
Anne Finucane, Vice Chairperson, Bank of America says, “At Bank of America, we are focused on how we deploy capital and create partnerships that help address the world’s biggest challenges – including access to clean water,” said a. “The expansion of our partnership with Water.org is one way we invest to scale innovative, proven ideas that have already shown great results.”
The grant will advance the following key objectives:
- Accelerate market-based financial approaches for expanding water and sanitation access for the poor
- Leverage the remaining years of the Swachh Bharat Mission in India to accelerate access in one of the largest and most advanced markets for micro-finance solutions to the water and sanitation crisis.
- Introduce Water.org’s proven WaterCredit solution to Brazil to accelerate impact in this new, top-priority geography.
- These objectives will address global challenges facing women, like Manjula.
Few things more valuable than time – Manjula’s story
Without a home water tap, Manjula had no choice but to carry a 20-to-30-pound water container back and forth each day to a community water tank about a kilometer from her home. Water.org discovered that something keeping moms like Manjula from providing safe water for their families was a lack of access to the financing needed to construct a water tap. This insight led to the creation of WaterCredit, enabling people in need with access to small, affordable loans.
It’s smart, simple and sustainable. More importantly, it helps the people Water.org serves address their immediate need and continues to enrich their lives long after the original loan has been repaid.
For Manjula, the loan allowed her to construct a water tap at home. Now the time she used to spend collecting water each day can be used caring for her children. And with more time and energy to invest in caring for the “kakada” flowers she sells, Manjula can earn Rs.2,000 a month – enough to repay her loan.
With the help of partners like Bank of America, Water.org is empowering millions of families, like Manjula’s, to solve their water and sanitation challenges and create a better life.
Water.org has empowered more than 8.9 million women, children, and men with access to improved water and sanitation in India. This new grant enables our organisation to increase that number in India and expand the solution to Brazil.
Water.org is an international non-profit organisation that has positively transformed more than 13 million lives around the world through access to safe water and sanitation. Founded by Gary White and Matt Damon, Water.org pioneers market-driven financial solutions to the global water crisis. For more than 25 years, we’ve been providing women hope, children health and families a future.
Bank of America is guided by a common purpose to help make financial lives better, through the power of every connection. An important part of this work is forming strong partnerships with non-profits and advocacy groups, such as community, consumer and environmental organisations, to bring together our collective networks and expertise to achieve greater impact.