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🇸🇬 Singapore /Disasters & Emergencies

Nepal's Billionaire Estimates Flood Reconstruction Costs at $5 Billion

From The Straits Times · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Sources not specified Ongoing story
  • Nepal's only billionaire, Binod Chaudhary, estimates that rebuilding infrastructure after recent floods will cost at least $5 billion.
  • The finance minister agrees that the losses and damages will amount to several billion dollars, with preliminary estimates being worrying.
  • The floods, which occurred on August 26, killed at least 469 people and left 1,200 missing, with early investigations suggesting melting glaciers may have triggered the disaster.

Rebuilding Nepal's infrastructure after devastating floods could cost at least $5 billion (S$6.3 billion), according to Binod Chaudhary, the country's only billionaire and chairman of Chaudhary Group. He anticipates the final costs may even climb higher, citing not only financial needs but also the significant time and challenging geography involved.

I wouldn’t be surprised if the eventual costs climb to that level. It is not only the money, but the amount of time it takes and the difficult geography.

— Binod ChaudharyEstimating the cost and challenges of rebuilding Nepal's infrastructure after the floods.

Chaudhary, whose conglomerate spans 12 business verticals including food, telecom, infrastructure, and banking, described the rehabilitation process and economic recovery as a "huge issue." Nepal's Finance Minister Swarnim Wagle echoed these concerns, assessing that the nation will require "a few billion dollars" for reconstruction. Wagle stated that preliminary estimates of the cumulative losses and damages, expected to be quantified within a week, are "quite worrying."

It is a huge issue in front of us.

— Binod ChaudharyDescribing the scale of the rehabilitation process and economic recovery.

The floods, which struck Nepal's mountainous border region with China on August 26, swept away villages, roads, and bridges. Official figures confirm at least 469 deaths, with approximately 1,200 people still missing, including hundreds of foreign tourists. Early investigations point to melting glaciers as a potential trigger for the disaster.

Cumulatively, I think the losses and damages, when they will be finally quantified in a week or so, will amount to at least a few billion dollars.

— Swarnim WagleAssessing the financial impact of the floods.

Chaudhary noted the "complete disruption" caused by the floods, which also damaged power stations. His Chaudhary Group is collaborating with the government, local partners, and the army to establish rehabilitation centers for displaced individuals within two days. The group will then focus on constructing homes and supporting affected businesses and schools. Chaudhary indicated that his group's spending on this relief effort will surpass the amount invested during the 2015 earthquake reconstruction.

Preliminary estimates are quite worrying.

— Swarnim WagleExpressing concern over the initial damage assessments.
About this summary

Originally published by The Straits Times in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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