- Rebuilding Nepal's infrastructure after floods may cost at least $5 billion, says billionaire Binod Chaudhary
- Flash flood on August 26 caused severe damage in Nepal's mountainous border with China
- At least 469 people confirmed dead and around 1,200 missing, including foreign tourists
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.
"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 not only the money, but the amount of time it takes and the difficult geography."
The Chaudhary Group spans 12 business verticals, from food and telecom to infrastructure and banking. "It is a huge issue in front of us," he said of the rehabilitation process and also getting the economy going again.
The flash flood tore through Nepal's mountainous border region with China on Aug. 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. Early investigations suggest melting glaciers may have triggered the disaster.
"We have been seeing complete disruption," Chaudhary said, noting that power stations damaged were also damaged.
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.
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.
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