The Water Financing Partnership Facility (WFPF) was established in November 2006 to support ADB’s Water Program 2006–2020. The program aimed to boost investment in the water sector in Asia and the Pacific, accelerate policy and institutional reforms, and build the capacity of water sector organizations. WFPF consists of three trust funds: (i) Multidonor Trust Fund with contributions from the governments of Austria, and Spain, (ii) Netherlands Trust Fund, and (iii) Sanitation Financing Partnership Trust Fund with contributions from the Bill & Melinda Gates Foundation.

Through the WFPF, ADB has been able to deliver more water investments with high development impact and demonstration value, improve governance, and strengthen the capacity of water institutions in the region. To date, WFPF's contributions have supported 113 ADB investment projects in 20 countries, with a cumulative $9.45 billion in water investments benefiting an expected 122.1 million people.

WFPF has directly contributed to expanding access to improved water and sanitation services, improving the management of water resources, promoting gender equality, contributing to environmental sustainability and reduced flood risk, building climate change resilience, and promoting greater food security.