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World Bank pledges USD 500 million for quake-hit Nepal

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The World Bank promised USD 500 million to help Nepal rebuild after two earthquakes killed nearly 9,000 people there in April and May.

The World Bank will contribute $200 million to rebuild homes in rural areas and $100 million directly to Nepal’s government.

Nepal said reconstruction work would cost some $6.6 billion over five years, and is seeking help from international donors.

The World Bank said, “Another $100 million to $200 million can be redirected from existing projects in Nepal to focus on reconstruction.

The United Nations complained last month that emergency funds for victims of the earthquake were slow to come in, as more than a dozen other long-running international crises, like Syria and Iraq are being aided by the donors.

World Bank and Asian Development Bank already supports two-thirds of Nepal’s economic development.

The World Bank which usually lends for development projects and after that for humanitarian aids. But in recent years it has been providing funds for emergency. Last year it provided $400 million aid to help West African countries contain the spread of the deadly Ebola virus.