Current Affairs - Banking - Discussion

World Bank approved USD 300 million loan to Nepal for undertaking reconstruction work post April 2015 earthquake. In April 2015, a 7.8-magnitude earthquake struck Nepal which destroyed more than half a million homes and killed nearly 9000 people. Since then, only 10% homes have been rebuilt. Nepal is currently facing USD 1.2 billion shortfall in reconstruction funds. USD 300 million loan from World Bank will partially help to fill this gap. This loan also includes USD 80 million for a livestock project and another USD 60 million for vocational training.