“…In line with our earlier discussion, the fetishization of microfinance leads to a simplification, and to an extent a disavowal, of the complex relations behind a specific microcredit project and the global water crisis in general. To paraphrase Davis (2006), the limit of this approach is that it attempts to solve the water crisis by treating its symptoms (lack of safe water and sanitation), rather than questioning its cause: poor governance, rapid urbanization, privatization, water grabbing, reckless consumption and economic and political inequality (Bakker, 2010; Boelens et al., 2016; Johnston, 2003; Kaika and Swyngedouw, 2011; Menga and Davies, 2019; Swyngedouw, 2009a; Zwarteveen and Boelens, 2014). This contradiction is eloquently illustrated by the WaterEquity Global Access Fund, a US$ 150 million private investment fund launched by Water.org in 2019 to ‘provide debt capital to high‐performing financial institutions in emerging markets to enable them to scale their water and sanitation micro‐finance portfolios.…”