The Global Development Alliance for Water (GDA) was established to help increase availability of local currency capital market financing for Water and Sanitation in developing countries. The approach is to fostering reform of existing municipal financing institutions in developing countries through an understanding of effective market institutions and financial mechanisms such as US Bond Banks and State Revolving Funds (SRFs). It will accomplish this through support of the development of an active and self-sustaining professional network of revolving funds that exist in the developing world. The Alliance will help with the creation of a knowledge base (that can be used by the revolving funds for benchmarking with peer institutions), the organization of a global conference, establishment of contacts and relationships between revolving funds in developing countries and market institutions (such as bond banks, State Revolving Funds, rating agencies, and investment banks); the development of a best practice guide, and the development of an action plan for reform by two focus countries. The members of the GDA for Water are: the IADF, USAID, the Interamerican Development Bank, the World Bank, and the International Private Water Association (IPWA).