Ahead of International Conference of Nepal's Reconstruction-2015, the World Bank Group on Tuesday said it would provide up to half-a-billion dollars to finance post-earthquake reconstruction projects.
The financing will consist of $200 million for housing reconstruction in poor rural areas and another $100 million for the government’s budget and for strengthening the banking system, according to a press statement released by the World Bank. "An additional $100 to $200 million will be redirected from existing World Bank projects in Nepal and invested in reconstruction efforts."
Any reallocated money will be replaced with additional funds, said the bank. But the financing is subject to the approval of the Bank’s Board of Executive Directors.
World Bank Group President Jim Yong Kim said: “We are working with the Nepal government to help people who suffered from the earthquake, especially the poor, rebuild their homes and livelihoods.”
A Post-Disaster Needs Assessment (PDNA) report released by National Planning Commission (NPC) said at least $ 6.7 billion was required for Nepal’s recovery.The PDNA will be discussed at the donor conference due on 25 June. Representatives of countries and donor organisations invited by Nepal have already started coming to Kathmandu. Hollywood actor Lionardo DiCaprio, British actress Joana Lumlely and ex US President Jimmy Carter are also attending the conference.