“Subject to the approval of the Bank’s Board of Executive Directors, 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,” the release read. “An additional $100 to $200 million will be redirected from existing World Bank projects in Nepal and invested in reconstruction efforts.”
On April 25, a 7.8-magnitude earthquake hit Nepal followed by a series of strong aftershocks followed. More than 9,000 people were killed in the earthquake and twice as many were injured. Another 7.4-magnitude earthquake shook Nepal on May 16, 2016, killing 36 people and injuring more than 1,000.
“The World Bank Group stands with the people of Nepal in their time of need,” said World Bank Group 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.”
Nepal needs an estimated $6.7 billion, or a third of its economy, to recover from the quakes, according to a WBG assessment published on June 16.
The report stated that an additional 3 percent of the population were pushed into poverty as a result of the earthquakes.
The UN estimates that eight million people — nearly a third of Nepal’s population — are affected by the earthquakes