With reference to ‘WaterCredit’, consider the following statements:
1. It puts microfinance tools to work in the water and sanitation sector.
2. It is a global initiative launched under the aegis of the World Health Organization and the World Bank.
3. It aims to enable the poor people to meet their water needs without depending on subsidies.
Which of the statements given above are correct?
Explanation
Statement 1 is correct: WaterCredit is an innovative market-based model that applies microfinance tools to the water and sanitation sector, connecting local microfinance institutions (MFIs) with underserved households to facilitate small, affordable loans for household taps and toilets.
Statement 2 is incorrect: WaterCredit was pioneered and launched by the international non-profit organization Water.org (co-founded by Gary White and Matt Damon), not under the aegis of the WHO or the World Bank.
Statement 3 is correct: The core philosophy of WaterCredit is to empower low-income families to address their water and sanitation needs through affordable, repayable microloans, establishing financial independence rather than remaining reliant on unpredictable philanthropic subsidies.
Thus, statements 1 and 3 are correct — Option C.