KATHMANDU: The Board of Directors of the Loss and Damage Fund (CWF) has called its first special virtual meeting on October 22 to provide emergency financial assistance to Nepal in the aftermath of the devastating floods caused by the avalanche on August 26.
The fund is under the auspices of the United Nations Development Agency.
The meeting follows sustained demands from governing board members and civil society in the Least Developed Countries (LDCs), Africa and the Asia-Pacific region.
A total of $21.6 million is proposed to be set aside from the funds available in the fund. Out of this, $20 million, or more than Rs 2.7 billion, will be used for Nepal and $1.6 million for supervisory fees.
The meeting is likely to consider the use of a special mechanism to provide financial assistance to Nepal at the earliest even outside the regular deadline.
KATHMANDU: The Government of Nepal has estimated that it will incur at least $2.69 billion in initial economic loss due to floods in the Bhotekoshi, Trishuli and Narayani river systems and $4.71 billion for reconstruction and rehabilitation projects.
The proposed $20 million in assistance is only a fraction of Nepal’s actual needs, indicating that mobilizing adequate financing for climate damage remains a major challenge.
