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The Global Equity Fund and USAID Trade and Competitiveness jointly launched the Nepal Women Growth Equity Fund, Nepal’s first fund focused on women entrepreneurs, on Tuesday.

The fund will unlock investment opportunities for women and increase women’s access to financial services to enable them to grow their businesses. 

“This event is a perfect example of how the US Government partners with the private sector to foster entrepreneurship and economic growth in Nepal,” said the US Chargé d'Affaires Jason Meeks, adding, “The Nepal Women Growth Equity Fund will help address the systemic challenges that are faced by the women entrepreneurs in accessing financing.”

Women entrepreneurs face multiple complex barriers to start and operate businesses, but one persistent barrier is limited and unequal access to capital. To overcome this, the Global Equity Fund through the Nepal Women Growth Equity Fund will raise and mobilize NPR 500 million investment (USD $3.5 million). It will increase women entrepreneurs’ access to growth capital, build their capacity, and foster linkages to domestic and global markets. The Fund is expected to support over 10,000 direct and indirect jobs, reads a statement issued by the Global Equity Fund.

Chairman of Nepal Private Equity Association, Siddhant Raj Pandey appreciated the partnership   between the Global Equity Fund and USAID Trade and Competitiveness.

Pandey remarked, “This initiative will provide great support to women-led enterprises to diversify their service offerings and improve their productivity, making them market leaders.”

As Nepal recovers from the economic impacts of COVID-19, increased accessibility and availability of diversified financial resources for small and medium enterprises is critical–especially for women.

The Nepal Women Growth Equity Fund will help address this need to create a vibrant and resilient investment ecosystem where women can participate and realize their full economic potential. 

President Ram Chandra Paudel today visited the earthquake-affected Jajarkot district on Tuesday.

The Head-of-the-State made a visit to the Jajarkot Hospital to take health updates of the people injured in the disaster.

During the President's visit, the survivors appealed to him for adequate medical care for the injured, and the security of food and shelter for the affected. 

The President assured that the needs of the affected would be addressed and he would discuss the matter with the government, according to the President's press advisor Kiran Pokhrel.

"Immediate and long-term needs of all of you will be assessed and addressed. Don’t worry. I will talk to the government," Pokhrel quoted the President as saying.

On the occasion, Jajarkot's Chief District Officer Suresh Sunar apprised the President of the loss due to the earthquake and the hospital doctors briefed him of the situation of the injured.

The President reached Jajarkot today from Surkhet to take stock of the post-quake situations there.

At least 157 people had died when an earthquake measuring 6.4 on the Richter scale hit Jajarkot district at 11:47 pm on Friday.

According to Pokherel, the President will visit the district headquarters Khalanga, Ramidanda, the epicenter of the earthquake, Nalgadh and Aathbiskoth of Rukum West to take stock of the progress in the rescue and relief efforts.

He is accompanied by Deputy Prime Minister and Defense Minister Purna Bahadur Khadka, Chief of the Army Staff and Karnali Province lawmakers.

It may be noted that the President canceled his Europe trip scheduled to take place from tomorrow, November 8, citing that it was inappropriate to leave the country in the wake of the devastating earthquake.

Major political parties have concluded that they would move ahead unitedly against the attack on the Constitution.

In the all-party meeting called by Prime Minister Pushpa Kamal Dahal, the leaders discussed various issues of the peace process, CPN (Maoist Center) Vice-Chairperson Pampha Bhusal said.

The Prime Minister held a discussion with the supporters of the 12-point agreement, peace process and Constitution, Busal said.

“The Prime Minister held a discussion with the supporters of peace agreement, Constitution and federal democratic republic,” she said.

Saying that the system is being attacked in recent times, the Maoist Center leader said that the major parties have made a conclusion to move ahead unitedly against the same.

She further said that Prime Minister Dahal will organize a broader assembly soon to resolve the problems seen in the economy.

Meanwhile, CPN-UML Whip Mahesh Bartaula said that the Prime Minister had called them to discuss the 12-point agreement and contemporary issues.

Saying that the government has not been able to deliver to the people, has become a mute spectator and the economy is in shambles, he said that they alerted the Prime Minister on the occasion.

The Nepal Stock Exchange (NEPSE) gained 11.22 points to close at 1,858.76 points on Tuesday.

Similarly, the sensitive index surged by 2.46 points to close at 358. 19 points.

A total of 4,331,229-unit shares of 285 companies were traded for Rs 996 billion.

Meanwhile, Laxmi Laghubitta Bittiya Sanstha Ltd. was the top gainer today, with its price surging by 8. 16 percent. Likewise, Swabhimaan Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 8.26 percent.

At the end of the day, total market capitalization stood at Rs 2. 86 trillion.

Nepal government and 16 development partners agreed to consolidate and scale up financing and technical assistance to support Nepal to implement a set of high-priority investments and policies in line with Nepal’s Green, Resilient, and Inclusive Development (GRID).

A joint communique to operationalize Nepal’s GRID Strategic Action Plan was endorsed at a high-level event organized today by the Ministry of Finance with support from the World Bank and other development partners.

 At the event, the government, development partners, civil society organizations, private sector stakeholders, and think tanks also renewed their commitments to work across institutional and sectoral boundaries to continue to finance and implement Nepal’s GRID priorities. 

“In Nepal, we have already internalized the GRID approach to build a greener, more resilient, and more inclusive economy that can withstand shocks, protect our environment, and uplift the lives of our people,” said Finance Minister, Dr. Prakash Sharan Mahat. “Nepal’s new GRID Strategic Action Plan can be a policy vehicle that accelerates growth and job creation, strengthens livelihoods, and boosts the prosperity of Nepali people sustainably.”

The external financing for the GRID Strategic Action Plan includes grants and other concessional financing such as subsidized loans, and innovative financing such as carbon finance. External financing is complemented by Nepal’s public budget and also aims to leverage foreign and domestic private sector investment.

The GRID Strategic Action Plan identifies a set of ten priority actions including: managing land, water, and forests in a more productive, sustainable, and integrated way for more resilient infrastructure, ecosystems, and food systems; equipping people with new skills and resilient livelihoods.

Other areas include :  greening urban development; scaling up water supply and sanitation, reducing air pollution and managing solid waste; scaling up renewable energy; boosting the sustainability and resilience of transport; strengthening disaster risk management; and enhancing social protection and health systems to be more responsive to shocks.

“The World Bank is proud to support Nepal to take this strategic step toward a more sustainable, resilient, and inclusive economy,” said Anna Bjerde, World Bank Managing Director for Operations. “Nepal’s GRID approach focuses on the quality of development and growth—the type of growth that reduces extreme poverty, narrows structural inequalities, protects the environment, sustains the growth process, and makes it more resilient.”

Investment priorities in the GRID Strategic Action Plan aim to build on Nepal’s development success stories, scale up action on the ground, help mobilize private sector investment, and deliver sustainability along with resilience and inclusion at the same time.  This will help create more jobs for more people; build the resilience of people and their livelihoods; boost environmental, climate, water, and food security; and create opportunities for a more inclusive and durable economy, World bank said. 

Bagmati Province Physical Infrastructure Development Minister Yuvaraj Dulal’s Personal Security Officer (PSO) was found hanging from a tree on Tuesday.

Yam Bahadur Subedi (40) was found hanging near Bandevi temple in Hetauda-11 at around 6:30 am today, DSP and spokesperson of the District Police Office, Makwanpur Laxmi Bhandari said.

The body has been sent to the Hetauda Hospital for postmortem.

Police said that they are investigating the case.

The United Nations has said that around 1.3m people might have been exposed, and about 0.25m may need humanitarian assistance within 72 hours of the earthquake. 

Days after 153 people were killed and several hundred injured, another strong earthquake with 5.6 magnitude struck  on Nov 6. On Nov 3, a 6.4 magnitude earthquake struck in the Jajarkot and Rukum Districts of Karnali Province, causing widespread damage.

With the completion of the government’s search and rescue operation, the number of deaths stands at 153 (Male: 70, Female: 83) and 338 (Male: 138, Female: 200) injured. The initial findings of the Government’s Initial Rapid Assessment (IRA) launched on Nov 5 say over 4,000 homes were damaged in the hardest hit districts, UN said in a press statement.

Following the initial assessment of the remote damage assessment of available secondary data satellite images USGS data and earthquake risk model, around 1.3m people might have been exposed and about 0.25m people may need humanitarian assistance within 72 hours of the earthquake, the UN said in a press statement. 

In response to the earthquake—the largest to impact Nepal since the 7.8 magnitude earthquake in 2015—United Nations agencies have been providing temporary shelter, food, and non-food items as part of a comprehensive and urgent response to the pressing needs of the affected communities.

UN Resident Coordinator and Humanitarian Coordinator, Hanaa Singer-Hamdy said, “The government has immediately responded very effectively with search and rescue operations. Despite geographical remoteness and a difficult operating environment.

The UN agencies and humanitarian partners are on the ground supporting the government’s efforts by reaching out to around 3000 households with food, shelter, WASH, protection, and health support. More than 382 aftershocks were reported forcing people to spend nights in the open or makeshift shelters in freezing overnight temperatures.  “The impact of this latest earthquake is compounding the difficulties and vulnerabilities of communities with low socio-economic indicators and stretched coping mechanisms.”

The road through the Jajarkot district headquarters is dotted with green tarpaulin tents. These makeshift tents put up by the Armed Police Force (APF) Nepal have been providing shelter to the locals who are living under the open sky after their houses were damaged by the earthquake on November 3.

The Armed Police Force has managed the tarpaulin sheet tents to protect from the cold the people who have been displaced after most of the mud-and-stone masonry traditional houses collapsed due to the 6.4 magnitude tremor.

The APF has also made arrangements for tents in the premises of Tribhuvan Secondary School as well as part of its campaign to provide temporary shelter in the aftermath of the devastating earthquake.

People cannot stay inside their houses due to the frequent aftershocks. The earthquake survivors are living under the canopy of the tarpaulin sheets in the school grounds.

Pradip Khadka of Bheri Municipality-2 said he felt safe living under the tent built in the school premises.

The APF Nepal team has reached various wards of the municipality to facilitate the relief distribution. The APF personnel are helping with the distribution of relief materials, counseling the earthquake survivors and lending hands in setting up tents for them.

A squad of the APF is helping in the distribution of relief at Rija of Nalgad Municipality-2. It has also been providing counseling to the distressed people in the wake of the disaster.

All the government bodies have not been able to pay much attention to the distribution of relief and rehabilitation of the earthquake survivors in outlying areas from the district headquarters. The locals lack adequate information and knowledge to stay safe from the quake even as frequent aftershocks have been occurring here.

The quake victims are facing much inconvenience even living under the tarpaulin cover as roof as the local level has not been able to manage blankets and bedding in required numbers. Ganesh Thapa of Bheri Municipality-3 complained that he has not received warm clothes.

Relief materials have not yet reached most of the remote places outside the district headquarters. Problems have been faced as the relief is being distributed haphazardly without preparing the criteria. It is said a problem has arisen in the distribution of relief as the representatives of various organizations who have reached the villages have been distributing relief materials as per their convenience.

Meanwhile, relief reached Barekot Rural Municipality on Monday only, two days after the earthquake. Rural Municipality Chair Bir Bahadur Giri said the people in the rural municipality have been living under the open sky and protecting them from cold is the major challenge.

13 injured in major aftershock 

Thirteen people have been injured in Jajarkot and Rukum West due to the aftershock that struck the area on Monday. The epicenter of the aftershock measuring 5.8 on the Richter scale was Ramidanda. The epicenter of the November 3 earthquake was also located at Ramidanda.

Two people were injured in Jajarkot and 11 in Rukum West due to the aftershock that occurred at 4.30 pm on Monday, Chief District Officer of Jajarkot, Suresh Sunar said.

Almost half of those killed in quake are children

Meanwhile, almost half of those killed in the earthquake on Friday were children, it has been found. According to data with the police, 78 of the 157 people killed in the quake on the night of November 3 were children. Of the deceased children, 50 died in Jajarkot and 28 in Rukum West due to the quake, said Deputy Superintendent of Police Santosh Roka.

 Twenty eight of 52 people who died in the quake in Rukum West were children, said the district police chief Namraj Bhattarai. "Most of the deceased in Rukum West were children. Two 10-month-old children have also lost their lives," he said.

According to the Jajarkot police, of the 105 deceased in Jajarkot, 50 were children, 33 women and 18 men. In Rukum West, 16 women and eight men died in the quake.