Nepal Earthquake: World Bank signs $300m loan for reconstruction

The World Bank yesterday approved a $300 million loan for Nepal as the impoverished nation struggles to raise money to rebuild almost three years after an earthquake killed thousands and flattened homes.

Nearly 9,000 people died when a 7.8-magnitude quake struck in April 2015, destroying more than half a million homes.

Only one in ten of those homes has been rebuilt as the third anniversary of the disaster looms and Nepal faces a $1.2 billion shortfall in reconstruction funds, the World Bank said.

"The gap has decreased" through this loan, said Kamran Akbar, a disaster risk management specialist at the global financial lender.

"We understand that there is still a requirement but there are also others who are supporting Nepal," he told AFP.