Nepal, July 1 -- Nepal is set to receive a grant worth nearly Rs 5 billion (USD 36.2 million) from the Green Climate Fund (GCF) to protect communities from glacial lake outburst floods (GLOFs).

This approval was made during the 42nd GCF Board Meeting currently being held in Papua New Guinea. The assistance will be channeled to Nepal through the United Nations Development Programme (UNDP), an accredited entity recognized by the GCF. Including additional co-financing worth nearly Rs 2 billion (USD 14 million) from other institutions, the project will amount to approximately Rs 7 billion.

The Government of Nepal, UNDP, and the Independent Power Producers' Association of Nepal (IPPAN) will jointly invest in the project. Moreover, local gove...