Dhaka, July 21 -- The Asian Development Bank (ADB) and the government of Japan on Tuesday established a new fund to strengthen water security and protect people across Asia and the Pacific from worsening floods, droughts, and other water-related shocks.

Japan will make an initial $10 million contribution to the fund, according to a message received from Tokyo, Japan.

Japan to host ADB's 60th annual meeting in 2027

"There is nothing more basic to life, or more decisive for development, than water," said ADB President Masato Kanda, noting that when water systems fail, crops dry out, businesses slow, children miss school, and families become more vulnerable.

"When water is managed well, communities thrive, investment follows, and economi...