Nepal receives financial commitment of 4.4 bln USD for reconstruction

KATHMANDU, June 25 (Xinhua) — Nepal has received financial commitment of 4.4 billion U.S. dollars from the international community for its post-quake reconstruction during a conference held in the Nepalese capital Thursday.

Different nations and agencies announced their assistance to the Himalayan nation that witnessed a massive earthquake on April 25 which killed more than 8,700 people and left many homeless.

Out of total commitment of 4.4 billion U.S. dollars, 2.2 billion is grant assistance whereas the remaining 2.2 billion is concessional loan, according to Nepalese Finance Minister Dr. Ram Sharan Mahat.

Addressing a press meeting held after the conclusion of the conference, Mahat said “The high-level presence and pledges have been more than we expected.”

Chinese Foreign Minister Wang Yi pledged to offer 3 billion Chinese yuan (483 million U.S. dollars) to help Nepal in rehabilitation and reconstruction efforts whereas India’s Minister for External Affairs Sushma Swaraj announced an aid package of 1 billion U.S. dollars, one fourth of which is extended as grant assistance.

Meanwhile, the Asian Development Bank (ADB) pledged 600 million U.S. dollars and World Bank pledged 500 million U.S. dollars. The United States and the European Union pledged 130 million U.S. dollars and 112 million U.S. dollars respectively.

Besides financial assistance, different nations and agencies have also pledged technical assistance, advisory and training for the preparedness and management of possible future disasters.

“The conference has been successful not only in terms of financial assistance but also in strengthening the ties among friendly nations and donors,” Nepal’s Foreign Minister Mahendra Bahadur Pandey said while addressing the press meeting.

Representatives from over 50 countries and international organizations attended the conference called by the Nepalese government.

Comment Here