Spain will provide US$ 1.5 billion (EUR 1 billion) to fund drinking water services for 4.5 million people in Latin America. The country's prime minister José Luis Rodríguez Zapatero announced the Water Fund at the 17th Iberoamerican summit in Santiago, Chile, in November 2007. Zapatero ensured that the funds would be unconditional. The plan has had an "extraordinarily positive" answer, Zapatero said, and will start to work "immediately". Several governments in the area are going to present proposals for this Fund, according to the Spanish prime minister.

The Iberoamerican summit is an annual event that brings together the presidents of the 19 Latin American nations, plus the heads of state and government of Spain, Portugal and Andorra.

Source: David Roberts, BNamericas (subscription site), 10 Nov 2007 ; Spain. Presidency of the Government, 10 Nov 2007