Manila, December 18: Economies of Asia and the Pacific must put water security at the top of their agenda to recover from the fallout of coronavirus disease (Covid-19) pandemic and adapt to climate change, according to a new flagship report released on Friday by the Asian Development Bank (ADB).

The Asian Water Development Outlook 2020 describes the status in the region of water security, which measures the availability of safe and affordable water supply, sanitation for all, improved livelihoods and healthy ecosystems, with reduced water-related diseases and floods.

"The need for water security is even more urgent due to Covid-19 pandemic because access to water, sanitation and hygiene offers the primary line of defence against the spread of Covid-19 and other diseases," said ADB President Masatsugu Asakawa. COVID-19 Vaccine Update: Russia Conducting Trials of Sputnik V on People Aged Over 60 to Start Vaccination of 'Most Vulnerable' Group.

"Far too many people across Asia and the Pacific continue to suffer from limited access to these vital services. The new AWDO edition serves as a tangible and reliable knowledge resource for ADB's developing members as they address the multifaceted challenges of water security."

Despite achievements in Asia and the Pacific over the last few decades, 1.5 billion people living in rural areas and 600 million in urban areas still lack adequate water supply and sanitation. Of the 49 ADB regional members, 27 face serious water constraints on economic development and 18 are yet to sufficiently protect their inhabitants against water-related disasters.

The report uses updated methodologies and in-depth analysis of water financing and governance developed in partnership with the Organisation for Economic Cooperation and Development (OECD).

The report stresses that it is imperative that countries drastically increase their investment in water, sanitation, and other water-related infrastructure and services by convening all public, private, and innovative financing to achieve quality growth and the Sustainable Development Goals.

Financing is also needed to enable and sustain a virtuous system of good governance which requires efficient water-related organisations with sufficient capacity and financial resources to enable them to provide coherent policies, monitor and evaluate progress, and take action when needed, all in interaction with the stakeholders in a transparent way. COVID-19 Vaccine Price: Russia Sets Maximum Wholesale Rate For Sputnik V at $26 For 2 Doses.

To improve the region's water security, ADB has programmed more than 6 billion dollars in financial and technical assistance between 2020 and 2022 to support safe water supply, sanitation and wastewater measures. Besides, more than 2 billion dollars have been allocated for flood risk management in the same time period -- together with tailored knowledge services that promote innovation and forge partnerships.

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