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World Bank will provide upto $500 million fro Nepal’s reconstruction

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Kathmandu: The World Bank Group on Tuesday announced a financial aid of up to $500 million to Nepal for reconstruction following the April earthquake.

The announcement was made ahead of an international donor conference in Kathmandu on Thursday, The Himalayan Times reported.

According to the government, the April 25 temblor caused damage worth $500 million to physical infrastructure and assets. The official death toll is 8,832. Hundreds of people are still unaccounted for.

The World Bank aid will consist of $200 million for housing reconstruction in poor rural areas and another $100 million for the government’s budget and to strengthen the banking system.

The bank said that an additional $100-200 million will be redirected from existing World Bank projects in Nepal and invested in reconstruction efforts.

“The World Bank Group stands with the people of Nepal in their time of need,” said its 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.

“We will do everything possible to help people who suffered from the earthquake, especially the poor, rebuild their homes and livelihood,” he said. (IANS)

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Concentrate on Health and Education as it is Done For Business: World Bank President

One in 10 people around the world lives in extreme poverty, which the World Bank defines as earning less than $1.90 a day.

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World Bank President Jim Yong Kim said that social unrest will spread without a focus on meeting basic human needs and taking a businesslike approach to philanthropy.
World Bank income groups. Wikimedia commons

The fight against poverty needs to focus aggressively on the health and education of the young and vulnerable, said non-government organization and development officials who spoke at the Milken Institute Global Conference in Los Angeles recently.

World Bank President Jim Yong Kim said that social unrest will spread without a focus on meeting basic human needs and taking a businesslike approach to philanthropy. The critique comes as a powerful new player, China, forges a major role in international development and as the World Bank prepares a ranking of nations to reflect investments in people.

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One in 10 people around the world lives in extreme poverty, which the World Bank defines as earning less than $1.90 a day. Nearly 6 million children under the age of 5 die every year, many from preventable diseases like pneumonia, diarrhea or malaria. (VOA)

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