World Bank announces $500 mn for Nepal

Kathmandu, June 23: The World Bank Group on Tuesday announced a financial aid of up to $500 million to Nepal for reconstruction following the April earthquake.

The announcement was made ahead of an international donor conference here on Thursday, The Himalayan Times reported.

According to the government, the April 25 temblor caused damage worth $500 million to physical infrastructure and assets. The official death toll is 8,832. Hundreds of people are still unaccounted for.

The World Bank aid will consist of $200 million for housing reconstruction in poor rural areas and another $100 million for the government's budget and to strengthen the banking system.

The bank said an additional $100-200 million will be redirected from existing World Bank projects in Nepal and invested in reconstruction efforts.

"The World Bank Group stands with the people of Nepal in their time of need," said its president Jim Yong Kim.

"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.

"We will do everything possible to help people who suffered from the earthquake, especially the poor, rebuild their homes and livelihood," he said.

IANS