The Asian Development Bank (ADB) has approved an estimate 200 million dollar to Nepal ‘Build Back Better” after the devastating April 25 earthquake, ADB president Takehiko Nakao told the International conference on Nepal’s Reconstruction. He said ADB is ready to provide up to $400 million to further assistance, which would bring total assistance to 600 million dollar.

ADB’s board approved 200 million dollar in earthquake assistance to build and restore schools, roads and public buildings,” said Nakao at a press meeting. “ I truly believe that Nepal will emerge stronger from this catastrophe and continue along the path of inclusive and sustainable growth.”

According to a press release issued by Asian Development Bank, in addition to the 200 million emergency assistance, a further 50 million is being provided. This includes a 3 million disaster relief grant, 30 million dollar in budget support for rural finance, and a 15 million dollar grant form the Japan Fund for Poverty Reduction. For the subsequent phase of reconstruction, ADB can also allocate up to 350 million dollar from its existing projects without affecting ongoing and planned development programs.

Speaking in the press conference, Nakao praised the self help spirit and solidarity shown by Nepali people. He also praised the government for strong leadership in conducting post disaster needs assessments with development partners and planning reconstruction efforts.

“The first is Building back better. Buildings should be rebuilt to earthquake-resistant standards. Our assistance will include more resilient school buildings and education for disaster preparedness to provide a better and more secure future for children,” ADB president Nakao said. “The second principle is inclusiveness. In our reconstruction efforts, we will pay special attention to the needs of the poor, rural residents, and other vulnerable social groups, who have suffered more from the earthquake.  The third principle is the importance of robust institutional setup for reconstruction. The fourth principle is about capacity and governance. The fifth principle is donor coordination and government ownership.“

“Nepal has enormous potential to develop and prosper through the agriculture development,” said ADB president. He left today after attending the conference.

The press conference was also attended by ADB’s country director Kenichi Yokoyama.