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This paper aims to present some important findings of our recent research dedicated to the development of the water sector in Romania, namely of the Water Supply and Sanitation networks and services, as required by the objectives of the Sectoral Operational Programme Environment. After highlighting the necessity and importance of investments in the WSS infrastructure, we present the objectives of SOP Environment and the current high financing demand for investments in water supply and wastewater systems, under Priority Axis 1. Finally, the economic and financial risks to the SOP Environment regional water supply and sanitation projects are identified and exemplified by a qualitative analysis at a major regional (county) WSS project. There are also some brief conclusions and recommendations, as well as future research outlooks. Keywords: water supply and sanitation (WSS), SOP Environment, projects