World Bank offers Help to Nepal after Devastating Earthquake

The World Bank Group President Jim Yong Kim on Sunday offered Nepal the Bank Group’s immediate support to overcome the damage and loss of life after a devastating earthquake on Saturday.

The Bank Group’s support could address Nepal’s financing needs or any other assistance required, including a loss and damage assessment, assistance for reconstruction efforts as well as mobilizing projects already on the ground to deal with the earthquake’s effects. The Bank Group is also offering assistance to the Governments of India and Bangladesh where there are also some fatalities.

“It is with great sadness and dismay that we have learned about the tragic loss of lives and devastation caused by the earthquake that struck Nepal on Saturday,” said Kim. “With parts of the country still inaccessible, it is too early to make an estimate of the cost in lives and lost economic activity but we already know that these losses appear to be significant. The World Bank Group is a long-standing partner for the people of Nepal and we will do everything we can to help them in their hour of need.”

The World Bank portfolio in Nepal in 2014 included 19 active projects with a net commitment of about $1.37 billion. Before the earthquake, the Bank had forecast economic growth of 5 percent in 2015 and 2016 for Nepal.