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Today, 156 million city dwellers lack efficient, affordable connections to water services and 700 million live without improved sanitation, according to the United Nations. The situation is causing serious public health concerns, particularly in the wake of the COVID-19 pandemic, along with significant environmental challenges. As emerging market cities absorb an ever-increasing share of populations, access to safe water, sanitation, and other municipal infrastructure must expand to meet growing demand. But the cost and complexity of these projects are such that innovative, market-oriented, long-term solutions are needed.