India pledges $1 bn to Nepal, more than double committed by China

India pledges $1 bn to Nepal, more than double committed by China

India on Thursday pledged $1 billion for reconstruction of quake-ravaged Nepal, thus committing more than double the amount promised by China.

Speaking at an international conference in Kathmandu, External Affairs Minister Sushma Swaraj announced India’s commitment of providing $1 billion for reconstruction of Nepal. Chinese Foreign Minister Wang Yi, who also attended the conference, pledged $ 483 million for rebuilding the nation that was devastated by the April 25 earthquake. China also made a commitment to provide another $277 million as grant to Nepal from an earlier commitment.

“I am happy to announce Government of India’s pledge for Nepal’s post-earthquake reconstruction of Nepali Rupees 10,000 crore, equivalent to one billion US dollars, one fourth of it as grant,” Sushma said, while speaking at the international conference the Nepal government hosted in Kathmandu to solicit funds for reconstruction of the disaster-hit country.

“This pledge is over and above our existing bilateral developmental assistance of another one billion US dollars over the next five years, 40% of which would be grant. This takes our total assistance to Nepal over the next five years to $2 billion,” she said.

New Delhi’s pledge of $1 billion was the largest commitment made by international community in Kathmandu on Thursday.

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