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Last Updated : Nov 02, 2018 07:29 PM IST | Source: PTI

BofA grants $2 mn to Water.org for safe water proj in South

The service will be provided through Water.org's microfinance solution WaterCredit, which enables people in need to access small loans for water connections and toilets

Bank of America said that it has committed a $2-million grant to Water.org over the next three years to provide safe water and sanitation to over two lakh people in southern India, taking the total commitment to the charity body to $4.25 million since 2011.

The service will be provided through Water.org's microfinance solution WaterCredit, which enables people in need to access small loans for water connections and toilets, the bank said in a statement issued from Kansas City.

The American lender also said it will give $1 million to Brazil for the same purpose.

"This 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," it said.

The new grant 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, the bank added.

"With this new support from Bank of America Charitable Foundation, we'll be able to reach more than a quarter of a million more people in India and Brazil," said Gary White, co-founder, Water.org.

The grant will advance the key objectives of accelerating market-based financial approaches for expanding water and sanitation access for the poor, and leveraging the remaining years of the Swachh Bharat Mission to accelerate access in one of the largest and most advanced markets for microfinance solutions to the water and sanitation crisis.

Water.org is an international non-profit that has provided access to safe water and sanitation to over 13 million people around the world.
First Published on Nov 2, 2018 07:19 pm
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