Nepal: We need $5 billion to rebuild flood-affected areas - Sarmad

Nepal’s Finance Minister Swarnim Wagle announced that his country needs $4 to $5 billion to repair the damage caused by recent floods.

The Nepali Finance Minister said on Saturday that the country “needs between $4 and $5 billion for reconstruction in the aftermath of the devastating floods that hit its border areas last week,” adding, “This is just an estimate... The process of assessing losses and damages is still ongoing.”

On August 26, northern Nepal, along the border with China, experienced sudden and destructive floods following a glacial collapse and the sliding of large masses of rock and ice, which caused massive flows of water, mud, and debris into the Bhotekoshi River.

The floods resulted in 626 deaths and dozens of missing persons, as well as the destruction of homes, roads, bridges, and infrastructure facilities, while Nepali authorities continue search and rescue operations.