World Bank pledges USD 500 million for quake-hit Nepal

World Bank pledges USD 500 million for quake-hit Nepal

The World Bank today said it will provide USD 500 million to Nepal to support the massive reconstruction efforts of the quake-ravaged nation, days ahead of an international donor conference here.

"We are working with the Government of Nepal and its international partners to help the country get the resources it needs to build back better," World Bank president Jim Yong Kim said in a statement.

"We will do everything possible to help people who suffered from the earthquake, especially the poor, rebuild their homes and livelihoods," the statement added.

Subject to the approval of the World Bank's board of executive directors to be held on June 29, the financing will consist of USD 200 million for housing reconstruction in rural areas and another USD 100 million for strengthening the country's banking system, which has suffered following the post-quake economic slowdown.

An additional USD 100 to USD 200 million will be redirected from existing World Bank projects in Nepal to reconstruction efforts, the statement said.

According to the government's preliminary assessment, Nepal requires USD 6.7 billion for the post-quake reconstruction, rehabilitation and rebuilding projects.

The support by World Bank comes ahead of an international donor conference here on June 25 to support Nepal's reconstruction efforts.

As many as 239 delegates from 53 countries including India and multilateral agencies have confirmed their participation in the conference.

Nepal was struck by two massive earthquake on April 25 and May 12 which killed nearly 9,000 people and left behind a trail of destruction.

At least 5,27,829 private houses and 2,673 government properties were fully damaged, while 2,77,841 private houses and 3,757 government buildings were partially damaged in the quake.

 

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