World Bank approves $300 million for Housing Reconstruction

July 11, 2015 by  
Filed under Housing

WASHINGTON D.C., June 29, 2015—The World Bank today approved two credits totaling $300 million to rebuild houses in poor, rural areas of Nepal and to provide an injection of cash for the government’s budget to help the country recover from devastating earthquakes in April and May.

The housing reconstruction credit is from the International Development Association (IDA), the World Bank’s fund for the poorest countries. It will provide grants to home-owners to rebuild about 55,000 houses for the poor in rural areas. It will be extended on standard IDA terms with a maturity of 38 years and a six-year grace period.

The Bank has also announced the creation of a Multi-Donor Trust Fund to enable Nepal’s donors to coordinate their finance for housing reconstruction. Additional support for housing reconstruction will be necessary to help rebuild the more than 500,000 homes destroyed in the earthquakes.

(Source: The World Bank)


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