Nepal and WB sign extra credit for housing

Kathmandu / Feb. 6: The World Bank has approved additional credit of US$ 200 million (approximately Rs. 22.82 billion) for the implementation of the Earthquake Housing Reconstruction Project (EHRP) in Nepal.

An agreement to this effect was signed here Thursday.

Shreekrishna Nepal, Joint Secretary, Ministry of Finance and Faris H. Hadad-Zervos, World Bank Country Manager for Nepal signed the agreement, according to a press statement of the World Bank.

The EHRP and the second additional financing contribute to Nepal’s umbrella Housing Reconstruction Programme (HRP) which aims to rebuild earthquake-resistant core housing units by providing housing grants to eligible beneficiaries who have enrolled in the programme.

The second additional financing will scale up EHRP’s support to the government’s HRP by financing reconstruction of an additional 86,680 houses in the 32 districts affected by the 2015 earthquakes.

“The government of Nepal expresses its sincere appreciation to the World Bank for this assistance and its continued support in the post-earthquake recovery and reconstruction efforts of Nepal,” said Nepal.

He said that the support was instrumental and it would help achieve the government’s commitment to complete individual housing reconstruction by this fiscal year.

The government of Nepal has been implementing the EHRP since August 14, 2015 with a credit amount of US$ 200 million.

The first additional credit of US$ 300 million was approved on December 15, 2017. As of January 31, 2020, out of 683,367 beneficiaries enrolled under the EHRP in 14 most affected districts, 99 per cent received the first tranche, 82 per cent the second tranche, and 71 per cent the third tranche of the housing grant.

“Five years hence, a lasting memory of the Nepal earthquake is that of the resilience of the people of Nepal,” stated Faris Hadad-Zervos, World Bank Country Manager. “We join Nepal’s development community in continuing support to the Government of Nepal to help the families affected by the earthquake rebuild their lives.”