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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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World Bank shareholders endorse capital increase plan

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank

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World Bank's prompt decission to pause two seperate projects with India nad Pakistan came after India's objection against it
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The World Bank has said its shareholders endorsed a capital increase package, a series of internal reforms, and a set of policy measures to strengthen the international lender’s capabilities.

The $13 billion capital increase package includes $7.5 billion of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group’s primary lending arm, and $5.5 billion for the International Finance Corporation (IFC), the group’s private sector lending arm, said the World Bank in a statement on Saturday, Xinhua reported.

World BAnk shareholders to have better plans.

World Bank shareholders also endorsed a $52.6 billion callable capital increase for IBRD, the statement said.

“Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation,” World Bank Group President Jim Yong Kim said.

“This capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states,” Kim added.

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank are expected to reach an average annual capacity of nearly $100 billion between fiscal year 2019 and fiscal year 2030, said the World Bank. Kim said at a press briefing this week that the capital increase package doesn’t target changes of loans to any specific country.

Also Read: India will become High-Middle Income Country by 2047, says World Bank CEO

“It’s about how we think about income levels and how the World Bank Group can continue to be a partner and to support all of our member countries who are still clients,” he argued. He said that the multilateral lender would increase lending to lower middle-income countries over time. IANS

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