NAIROBI, KENYA: Finance ministers from across Africa have gathered to discuss ways to mobilize an additional $30 billion annually for water and sanitation. The virtual meeting, hosted by Sanitation and Water for All (SWA), UNICEF, and the African Ministers’ Council on Water (AMCOW), brought together over 50 finance and sector ministers and development partners.
The funding needs to be at least three times higher in Africa to meet the UN Sustainable Development Goal targets. However, this is far less than the $170 billion lost by sub-Saharan Africa each year due to inadequate water resources, contaminated water, and poor sanitation.
By mid-century, the economic toll from water-related climate impacts on African nations could reach $50 billion annually. Every dollar invested in climate-resilient water and sanitation in Africa yields a return of at least $7
The finance ministers discussed several specific approaches that can close the investment gap for water and sanitation, including increasing the national budget allocation for water and sanitation, partnering with development banks to secure long-term finance, ensuring that sufficient finance is available for universal access to safely managed sanitation, investing in climate-resilient water and sanitation infrastructure, and reducing debt and ensuring African nations can access a fair share of Special Drawing Rights.
The event organizers urged participants to mobilize political will and view investment in water and sanitation as a means to achieve economic growth, improve public health, and reduce inequalities. The Africa Finance Ministers’ Meeting gathers ministers of finance from around the region to discuss the political and institutional reforms required to make better use of existing financing. It also seeks to attract additional resources for the water and sanitation sector to achieve the UN Sustainable Development Goals. Other regional finance ministers’ meetings will be held in Asia and Latin America in 2024.
, UNICEF, and the African Ministers' Council on Water (AMCOW).){kind=link}