A $17.5 million fund is established by the UN separately to aid in the government's relief efforts.

Following the catastrophic monsoon tragedy that occurred last month, the World Bank has authorized $150 million in emergency funding for Nepal. In the event of natural disasters, climate-related calamities, or medical emergencies in Nepal, the funds will be accessible.

On Wednesday, the permission was given in Washington.

The multilateral funding organization said in a statement on Wednesday that "the Nepal Disaster Resilience Development Policy Credit with Catastrophe Deferred Drawdown Option (Cat DDO) operation supports policy and regulatory reforms to increase disaster resilience and strengthens institutional mechanisms for effective disaster response." "It also supports the government in improving early warning systems and building the policies, institutions, and regulatory frameworks needed for risk reduction and risk informed investment in critical infrastructure as well as increasing preparedness for public health emergencies."

According to the bank, the Cat DDO provides swift funding following a disaster, providing the government with an extra instrument for reaction and recovery. These resources are essential for disaster recovery at all levels of the federal system.

Referring to the September flooding and landslides last week, World Bank Regional Country Director for the Maldives, Nepal, and Sri Lanka David Sislen stated that Nepal is experiencing a polycrisis of natural disasters, climate hazards, and health emergencies, which has raised the risk of financial shocks.

Sislen was quoted in a World Bank statement as saying, "This operation supports the government's reforms to build resilience against these escalating risks and provides a line of credit that can be accessed immediately following a disaster or public health emergency to ensure a timely and effective response."

In a similar vein, the UN and the humanitarian country team announced that they are formulating a swift plan to assist Nepal in its continuing efforts to contain the catastrophic floods and landslides.

The UN office in Nepal stated in a statement that the Nepal Floods Response Plan gives priority to 193,000 people and that an immediate funding requirement of US$ 17.5 million is needed to offer prompt assistance to the most vulnerable and impacted individuals and communities.

Just before the Dashain festival, flooding and landslides have wreaked devastation across the country, killing at least 244 people. Nineteen individuals remain unaccounted for, while 179 sustained injuries in the calamity that impacted numerous regions.

Over 10,000 households are seeking refuge in crammed temporary camps, housing thousands of displaced families who are finding it difficult to get basic necessities like clean water, sanitary conditions, and medical attention.

"Destructive floods and landslides that have exacerbated pre-existing vulnerabilities to disasters and climate shocks are wreaking havoc on families and communities in Nepal. The Humanitarian Country Team's collective commitment to helping communities that are in dire need of our support as they deal with the catastrophic effects of the global climate crisis is embodied in this response plan. As the world prepares for a very real but uncertain climate future, we must support them, said Hanaa Singer-Hamdy, the UN Resident Coordinator and Humanitarian Coordinator in Nepal.

The government's "build-back-better" approach is supported by the Nepal Floods Response Plan, which prioritizes the immediate requirements for food, water, shelter, and protection. The statement also stated that it ensures fair access, addresses concerns including sickness, protection difficulties, and food instability, and gives priority to vulnerable groups, including women, children, the elderly, and those with disabilities.

The statement stated that increased efforts will be made to restore livelihoods and provide life-saving relief in close coordination with the Nepali government, the Humanitarian Country Team, and UN agencies and partners. This will ensure that communities are resilient enough to rebuild after yet another climate-related disaster strikes.