Global donors led by India and China pledged around $3bn to rebuild quake-devastated Nepal on Thursday, as the country’s premier vowed “zero tolerance” of corruption and said all aid money would go to victims. Out of the pledged amount, one-fourth was in the shape of grant, Indian External Affairs Minister Sushma Swaraj announced.
Advertisement
The announcement was made by the Acting Head of Mission of Pakistan in Nepal during the global Conference on Nepal’s Reconstruction, held in Kathmandu on 25 June 2015.
Earlier, Swaraj announced India’s pledge of $1 billion to Nepal for its massive reconstruction programme and asserted that it will strongly stand behind the Nepalese government in its hour of crisis.
But much still remains to be done across Nepal, where the government puts the total cost of recovery and reconstruction at some $6.6 billion over five years.
Japan’s Foreign Minister Minoru Kiuchi said his country “will implement assistance of 300 million dollars as support” to meet the needs outlined in the recent assessment by the Nepal government. “We can do so more meaningfully in areas where our expertise and Nepal’s need match”.
At the conference, China pledged $483 million to help the country rebuilt after the quake, saying it wanted to focus on sustainable development of the nation.
India and China alone pledged almost US$1.5 billion (NZ$2.2 billion) for impoverished Nepal, as the Asian giants try to help it back on its feet and expand influence in the buffer state.
A United Nations delegate walks in front of a damaged palace during their visit to Basantapur Durbar Square in Kathmandu, Nepal.
Emphasizing that the entire world celebrated the first worldwide Yoga Day, symbolizing the coming together for a common, higher objective, Swaraj said, “Today, let us take inspiration from the ancient philosophy of Yoga and join hands to create a more resilient Nepal”.
Among the assistance, $200 million will be allocated for the reconstruction of homes in villages and $100 million to support the government’s annual fiscal budget and the banking sector.
Chinese Foreign Minister Wang Yi also offered a concessional loan from Silk Road Fund to Nepal’s reconstruction efforts.
The Asian Development Bank pledged US$ 600 million, while the World Bank followed with US$ 500 million.
Advertisement
Finance ministers from Bangladesh, Bhutan and Sri Lanka attending the conference also voiced their long-term support to Nepal.
