Inditex, owner of Zara, is allocating € 3.7 million to Water.org to improve access to safe water and sanitation to those with scarce resources. The contribution will facilitate more than 33,000 microloans for this purpose and will benefit more than 160,000 people in Bangladesh and Cambodia. As per the agreement, Water.org will allocate almost € 3 million to its ‘WaterCredit’ programme.
Inditex Group Chairman, Pablo Isla and Water.org CEO Gary White have signed a four-year Partnership Agreement between both the organizations at Inditex’s head office in Arteixo. The programme will empower people with low incomes in developing countries to gain access to small loans for water and sanitation, increasing the population’s access to these basic necessities.
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The WaterCredit model is achieved in conjunction with rigorously selected local partners, principally microfinance institutions, which secure capital for the loans themselves. In turn, this enables philanthropic investments to make a greater and more efficient impact.
Founded by Gary White and Matt Damon, Water.org pioneers in innovative, community-driven and market-based initiatives to ensure all people have access to safe water and sanitation; giving women a hope, children better health and communities a future.
