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Over $3 billion for Nepal

Thursday, June 25th, 2015
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Prime Minister Sushil Koirala addresses an opening ceremony of the International Conference on Nepal’s Reconstruction (ICNR) 'Towards Resilient Nepal' held in the Kathmandu on Thursday. Photo: Kumar Shrerstha, RSSInternational Community has pledged more than US$ 3 billion for Nepal’s reconstruction at a conference in Kathmandu on Thursday.

In the opening ceremony of International Conference on Nepal’s Reconstruction, five countries, India’s External Affairs Minister Sushma Swaraj pledged US$ one billon, one fourth of which would be provided as a grant and the remaining would be given as a concessional loan.

“We expect that these amounts will significantly help the quickest possible recovery and reconstruction efforts of the Government and people of Nepal,” said Swaraj before returning to India.

She added, “We also hope that early implementation of important projects such as Pancheshwar, Arun III and Upper Karnali Hydropower Projects and Nijgarh Airport and Kathmandu-Nijgarh Fast Track Road Projects will create new avenues for people’s livelihood, enhance Government’s revenue and contribute towards speedy post quake recovery and rehabilitation.”

China pledged US$ 460 million, followed by Japan (US$260 millon), US (US$130 million), European Union (US$ 112 million) and Norway (US$ 13 million). World Bank and Asian Development Bank have pledged US$ 500 million and US$600 million respectively.

Ministers from Sri Lanka, Bangladesh and Bhutan also pledged their support but did not speak about the figures.

In the ongoing business session that followed the inaugural ceremony, more countries are pledging their support.

Nepal needs at least US$ six billion to rebuild public and individual houses, agriculture, health, education and tourism sectors damaged by the 25 April earthquake.

 

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10 Responses to “Over $3 billion for Nepal”

  1. Ramesh Adhikari on Says:

    Please make clear that how much is the loan out of this total sum? Just like India’s support is more than 67% loan

  2. David Seddon on Says:

    need to keep an eye on whether pledges materialise – also what about donations to @Nepal_PM_Fund? public audit?

  3. David Seddon on Says:

    Nepal should not be increasing its foreign debt – indeed should be arguing for debt forgiveness instead of pledges

  4. Ramesh Adhikari on Says:

    Exactly.What I wanted to know is how much of the committed money is loan? We should say no to the loan.. No more debt
    But neither Government nor ‘Our’ media are making it public (how much is the loan/debt?)

  5. Bal Krishna Parajuli on Says:

    Yes, we should say big NO to loans. It will just be another added burden to the Nepalese people.

  6. namah on Says:

    why hasn’t anyone from the government mentioned debt forgiveness? are they in cahoots with loan givers?

  7. Kumar on Says:

    Those who are cribbing about soft loan should know that India is giving soft loan at interest rate of 1 % which is peanut.
    You can keep the money in bank & gain 7-8% interest rate which is > Loan interest rate.

    Nepal over all got 1 billion $ of grant which will be used to build relief to poor people.

    Rest 3 billion $ will be used to make infrastructure, hydel power & improve road/railway connectivity to India and china which will help Nepal generate more revenue in future-

    Interest rate of 1 % ensures that Nepal would be simply returning the same money in 30 years

    Imagine you are given 1 crore loan & you are told to return 1.3 crore RS in 30 years.

    1 crore in 2015 would be atleast 10 crore in 2045. So Nepal basically saves 8.7 crore since the value of money reduces rapidly with rise in inflation

  8. Saurav Mohanty on Says:

    Chian’s 460 million is also in term of loan.
    As an Indian, i love Nepal and people of Nepal.
    I found the normal people like you and me are honest but the politician are destroying the relationship between both the countries.
    My wife is from Nepal and I visit Nepal every year.

    I hope that our brotherly relationship should return to normalcy soon.

  9. namah on Says:

    problem is almost exclusively with Nepali politicians and Indian officials. The former are greedy, the latter are lethargic, uninterested in Nepal, and arrogant. Modi has made some difference, but will take a while for this generation of China-card playing politicians to realize the truth.

  10. Cancel Nepal's Debt to Pave the Way for Recovery « CauseHub on Says:

    […] of global governments convened in Kathmandu to discuss support for rebuilding Nepal, committing $3 billion in grants and loans. Since over 50% of those commitments may very well end up as loans, it is important to highlight […]

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