National Bank of Kenya (NBK) has partnered with global asset manager WaterEquity to boost funding to public and private water utility firms and micro, small, and medium-sized enterprises (MSMEs).

The move enhances the Sh5 billion NBK Majikonnect programme by an extra US$10 million, an equivalent of Sh1.192 billion.

Acting NBK Managing Director Peter Kioko has reaffirmed the bank’s pledge to support the last mile connectivity in the water sector through increased access to funding.

“We are excited to partner with WaterEquity who are intentionally focused on solving the global water crisis. NBK’s collaboration with WaterEquity will positively and significantly impact access to water, sanitation, and hygiene services and products across the country. Our partnership accentuates our focus on attaining Sustainable Development Goal 6 (SDG6) – improving access to clean and safe drinking water for all. Water remains a fundamental enabler for health, education, energy, and agriculture,” said Kioko.

He added, “This new partnership builds on our foundational work with our WASH-sector anchor partners, Aqua for All in establishing the Majikonnect programme last year. NBK will continue to forge transformative partnerships to improve access to water services.”

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According to the Water Services Regulatory Board (WASREB) impact report 14 for 2020/2021, water coverage in regulated areas in Kenya stands at 60 per cent, while sewerage coverage stands at 16 per cent.

The UN World Water Development Report 2021, estimates that achieving universal access to safe drinking water, sanitation, and hygiene SDG Targets in 140 low and middle-income countries will cost approximately US$1.7 trillion, or about US$114 billion each year.