China announces $ 10 million assistance for rebuilding Nepal

KATHMANDU: China today announced a $ 10 million cash assistance to Nepal for rebuilding the quake-devastated Himalayan nation.

The cash assistance will be mobilised under the Post Disaster Reconstruction Aid Project Plan.

Nepal and China today signed a Memorandum of Understanding (MoU) to this effect following a joint bilateral meeting on Post Disaster Reconstruction Plan held at the Finance Ministry here.

"China wants to see the quick recovery of economic development of Nepal. We are pleased to assist the country in its rebuilding task," said Zhang Xiangchen, visiting Deputy Minister for International Trade Representative of China's Ministry of Commerce after the signing of the MoU.

The two countries also discussed the Post Disaster Reconstruction Plan of Nepal, according to the Finance Ministry sources.

In the meeting, discussions were also held to implement China Grant Assistance Package Plan (2016-2018) for Nepal's post-earthquake reconstruction as pledged by the Chinese government during the International Conference on Nepal's Reconstruction held here last month.

China had announced a grant assistance equivalent to NRs 76 billion during the conference.

The cash assistance is part of the grant assistance announced by Chinese Government for post disaster reconstruction.

Nepal needs huge assistance to rebuild homes, schools and hospitals destroyed or damaged by April 25 earthquake and a strong aftershock on May 12.

The powerful earthquake killed nearly 9,000 people, injured 23,000 people and damaged more than 500,000 buildings.