Through WaterCredit, we have explored the application of microfinance to water and sanitation needs. With the support of the Pepsico Foundation, we have reached more than 250,000 people with loans that allow them to pay connection fees for house taps and to construct toilets. This was done at an average philanthropic cost of $24/person, which, in turn, leveraged more than three times that amount in the form of commercial capital to complete the finance package for each household.
We are now taking this to scale with an $8 million grant from the Pepsico Foundation announced last Thursday and a $3.8 million grant from the MasterCard Foundation. We project that this philanthropic capital will leverage an additional $36 million in commercial capital, reaching about one million people. In the case of India, we will drive the philanthropic cost per person served down even further, to $10 by the end of the grant.