Climate change, poverty, inequality, and other disruptive factors are changing the way water is used for agriculture. Although IFI investments are only one of the tools that can be used to address food and agricultural water security, they can be a critical catalyst for change. A research study carried out by the Stockholm Environment Institute, under the direction of the FAO Investment Centre, examines IFI investments and financing mechanisms in agricultural water over the last decade (2010–2019) and identifies emerging goals, areas of investments and innovations. The study aims to provide IFIs and international development agencies insight into what has and has not worked in agricultural water investments, while offering promising new mechanisms and investment priorities for the future. The analysis focuses heavily on public investment as provided by IFIs, but also considers the role of private and public-private investment, and farmers as private investors and entrepreneurs. This publication is part of the Directions in Investment series under the FAO Investment Centre’s Knowledge for Investment (K4I) programme.