Issuance of the Water Bond is being arranged by Daiwa Securities Capital Markets Co. The Water Bond is expected to have two tranches, denominated in Australian dollars and South African rand. The Asian Development Bank will provide assistance in an amount at least equal to the net proceeds of the notes to water-related projects in Asia and the Pacific.

Haruhiko Kuroda, president of the Asian Development Bank said: “We have a water crisis on our hands, but we also have choices. What we don’t have is too much time. We need to quickly help our developing member countries make the right choices and design the instruments that will make the right reform programme move quickly, facilitating appropriate water infrastructure investments. Asia’s water agenda needs to be urgently modified and expanded.”

The Asian Development Bank launched the Water Financing Programme to double investments in the water sector between 2006 and 2010. A successor programme for 2011-2020 is currently being drafted.