Water.org, Launches New $50M Social Impact Investment Fund

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Water.org, Launches New $50M Social Impact Investment Fund

Bank of America commits a $5 million loan for WaterCredit Investment Fund 3 (WCIF3).

wequit.pngWaterEquity, an innovation of Water.org, has launched WaterCredit Investment Fund 3 (WCIF3), a new $50 million social impact investment fund that will invest in enterprises serving water and sanitation needs among the world’s poor. WCIF3 will raise and deploy social impact investment capital to scale Water.org’s proven WaterCredit solution, and is projected to empower at least 4.6 million people in South and Southeast Asia with access to safe water and/or sanitation. This new Fund builds on the success of WCIF1, WaterEquity’s inaugural $11 million Fund, which has already helped over 100,000 people.

“WaterEquity demonstrates the profound impact we can all have by leveling the playing field for the world’s poor to gain access to affordable financing to meet their water and sanitation needs,” said Gary White, co-founder and CEO of WaterEquity and Water.org. “The launch of WCIF3 brings us one step closer to creating a more financially inclusive ecosystem around water and sanitation that can end the global water crisis in our lifetime.”

WaterEquity is also pleased to announce that Bank of America, one of the world’s leading financial institutions, is supporting WCIF3 with a $5 million zero interest loan. This commitment to WaterEquity builds on the long-standing strategic partnership between Bank of America and Water.org.

“Access to safe water is integral to helping the global economy move forward,” said Anne M. Finucane, vice chairman of Bank of America. “Our investment in WaterEquity is an example of how Bank of America is able to deploy capital to support innovative, scalable solutions that address global challenges. WICF3 will help empower millions around the globe to participate in ending the water crisis.”

“We are grateful to Bank of America for their visionary leadership to make a $5 million loan,” White said. “They recognize the catalytic power of social impact investing required to end this global crisis, and we look to others to follow their lead.”

Source: Prweb.com

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