Bank of America, Water.org Partner to Provide Clean Water and Opportunity in Southern India
March 23 2015 - 08:45AM
Business Wire
$1 Million Grant Will Enable Families in Need
to Access “Microloans”
Bank of America today announced a $1 million grant to Water.org,
a global organization that provides innovative, community-led and
market-based solutions that change lives through safe water and
sanitation. The grant will empower 100,000 people in southern India
to obtain safe water and sanitation solutions, accelerating
positive change in their homes and communities. This will be
achieved through a Water.org program, WaterCredit, which enables
people in need to access small loans for water connections and
toilets.
According to Water.org, water-related illness worldwide, such as
diarrhea, is among the leading causes of death in children under
five years old, listed with deadly diseases such as malaria.
Moreover, according to the World Health Organization, every dollar
invested in water and sanitation generates approximately a $4
economic return. The World Economic Forum, in its recently released
2015 Global Risk Assessment, ranked water crises as the number one
global risk in terms of impact on people’s health and quality of
life.
Collecting scarce water in impoverished communities is usually
the job of women and girls, often taking hours each day. Similar
initiatives have shown that with the availability of clean, safe
water, their lives can be transformed: Women have significantly
more time to pursue paid work, and girls have more time to attend
school. Women constitute 91 percent of WaterCredit borrowers
globally.
“We are pleased to partner with Water.org to help provide clean
and safe water to people who desperately need it,” said Alex
Liftman, Global Environmental Group executive. “Water access is one
of the most pressing issues of our time. Through our connection
with Water.org, we are improving environmental and global health,
and creating educational and economic opportunities for women and
girls.”
Water.org said that the grant from the Bank of America
Charitable Foundation will benefit three of its local WaterCredit
partners in the region, helping them to provide small loans for
families to pay for water access and sanitation. As the loans are
repaid, they will become a new, sustainable source of affordable
water and sanitation financing in the region.
“With the ongoing support of partners like Bank of America, we
can make great progress in providing access to clean, safe water
where it’s most needed – and to help hundreds of thousands of
people break the cycle of disease and poverty,” said Gary White,
CEO and co-founder of Water.org.
Through its $70 billion business goal to advance lower-carbon
economic solutions through lending, equipment finance, capital
markets and advisory activities, carbon finance and investment
advice and solutions for clients globally, Bank of America remains
committed to environmental sustainability. Click here to learn
more.
Water.orgFor more than two decades, Water.org has been
at the forefront of developing and delivering solutions to the
water crisis. Founded by Gary White and Matt Damon, Water.org
pioneers innovative, community-driven and market-based initiatives
to ensure all people have access to safe water and sanitation,
giving women hope, children health and communities a future. To
date, Water.org has positively transformed the lives of more than
two million individuals living around the world, ensuring a better
life for generations ahead. Learn more at www.water.org
and www.facebook.com/water.
Bank of AmericaBank of America is one of the world’s
largest financial institutions, serving individual consumers,
small- and middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
financial and risk management products and services. The company
provides unmatched convenience in the United States, serving
approximately 48 million consumer and small business relationships
with approximately 4,800 retail banking offices and approximately
15,800 ATMs and award-winning online banking with 31 million active
users and approximately 17 million mobile users. Bank of America is
among the world’s leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Reporters May Contact:Laura W. Hunter, Bank of America,
1.704.577.1164laura.w.hunter@bankofamerica.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2023 to Mar 2024