The World Bank announced a plan Wednesday that aims to improve secure water access for a billion people within the next four years.
The new "Water Forward" program aims to "expand reliable water services and strengthen systems against droughts and floods."
The Bank said its own funds and technical advice would help improve water supplies to some 400 million people by 2030, with the balance coming from partners.
Regional development banks, OPEC's development fund, and the BRICS-aligned New Development Bank are among institutions that will participate, the World Bank said.
The global lender did not specify how much capital it would commit to the initiative.
Some four billion people -- half the world's population -- face water scarcity, due in part to "unclear policies, weak regulations, and financially unsustainable utilities that have slowed progress and deterred investment," the Bank said.
The global lender said that 14 countries had already voluntarily committed to reform and strengthen their water sectors under the new program.
The focus on governance issues -- not simply physical water infrastructure -- is promising, David Michel, senior associate at the Center for Strategic and International Studies, said.
"In many countries, the water sector fails to fully deploy the funds already allocated to it."
However, the Bank's initiative "faces a long and difficult road ahead," he warned.
The issue of access to safe drinking water, in particular, has been highlighted during the war in the Middle East, with desalination plants in Iran and across the region damaged in bombardments.
Beyond conflicts and immediate drinking water needs, the World Bank said that better water security was needed to grow the global economy.
"Strong water systems are foundational to healthy economies that can attract private investment and create jobs," the Bank said.
