Water Finance as a Tool for Addressing Global Challenges: Centre for Water Resources Research Holds Third Water Workshop
The issue of water finance is becoming increasingly central to international discussions: without sustainable sources of investment, it is impossible to modernise water infrastructure, introduce advanced treatment technologies, or ensure equitable access to water resources. The discussion focused not only on public expenditure, but also on emerging financing models, including public-private partnerships, specialised financial instruments, transboundary funds, international support mechanisms, and solutions based on Islamic banking principles.
The seminar took place in the format of an expert panel featuring Russian and international specialists. The discussion was moderated by Anastasia Likhacheva, Director of the Centre for Water Resources Research at HSE and Dean of the HSE Faculty of World Economy and International Affairs.
Elmira Imamkulieva, Head of the HSE Laboratory for Contemporary Iran Studies, delivered a presentation on the specifics of Islamic finance and its application in the water sector. She noted that such instruments are primarily used to finance large-scale capital-intensive infrastructure projects, while basic water supply services receive considerably fewer resources. Among the promising mechanisms she identified were zakat (mandatory charitable contributions), waqf (charitable endowments), and sadaqah (voluntary donations).
Arman Akhunbayev, Head of the Sectoral Analysis Centre at the Eurasian Development Bank, focused on the challenges facing the water management sector in Central Asia. He outlined the key manifestations of the regional water crisis and presented strategies for overcoming them, including the development of irrigation infrastructure through public-private partnership mechanisms.
Daulet Abilkairov, Regional Economist at the Islamic Development Bank, spoke about the Bank’s activities in Kazakhstan, with particular attention to the financing of water projects. He presented examples of current initiatives implemented in cooperation with the government and highlighted the important coordinating role played by the Ministry of Water Resources and Irrigation of the Republic of Kazakhstan in addressing water scarcity.
Project finance expert Roman Martusevich discussed the key principles underlying investment in water projects. In his presentation, he outlined the main parameters considered by investors, as well as the criteria used to evaluate the effectiveness and sustainability of such initiatives.
Finally, Alexander Timchenko, Director of the International Association of Lake Regions, presented approaches to the development of Russia’s Water Strategy, emphasising the importance of integrated water resource management and the prioritisation of environmentally responsible approaches.
Svetlana Kostyunina, Lead Expert at the Centre for Water Resources Research at the HSE Institute of Environmental Economics and Natural Resources and Climate Change, took part in the seminar as a discussant. She contributed to the discussion by presenting examples of the successful application of Islamic financial instruments in water-related projects.
The seminar was accompanied by an active and engaging discussion, with participants raising numerous questions and debating the future prospects of water finance as a key component of sustainable development.