Efforts to rebuild Nepal’s infrastructure after a devastating flash flood this week could cost at least $5 billion, according to the country’s only billionaire.
“It is not only the money, but the amount of time it takes and the difficult geography. The flash flood tore through Nepal’s mountainous border region with China on Aug. Early investigations suggest melting glaciers may have triggered the disaster. The Chaudhary Group is working with the government, local partners and the army, and has mobilized its staff to set up rehabilitation centers for displaced people within the next two days. It will then begin building homes and supporting affected businesses and schools.
The Chaudhary Group spans 12 business verticals, from food and telecom to infrastructure and banking. 26, engulfing villages and washing away roads and bridges. At least 469 people have been confirmed dead, according to police, with about 1,200 missing, including hundreds of foreign tourists. Chaudhary said the amount his group will be spending on this effort will be higher than it did in 2015, when a deadly earthquake had sparked similar nationwide reconstruction work. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
“I wouldn’t be surprised” if the eventual costs climb to that level, Binod Chaudhary, chairman of Chaudhary Group, told Haslinda Amin on Bloomberg TV. “It is a huge issue in front of us,” he said of the rehabilitation process and also getting the economy going again. “We have been seeing complete disruption,” Chaudhary said, noting that power stations damaged were also damaged.
