World Bank’s IDA meeting to be held in Nepal from June 18-21

By A Staff Reporter,Kathmandu, June 10: The 21st meeting of the International Development Association (IDA) under the World Bank Group is being held in Nepal. 

This is the biggest event of the World Bank to be held in Nepal.

According to the Finance Ministry, Prime Minister Pushpa Kamal Dahal ‘Prachanda’ is scheduled to inaugurate the meeting to be held in Kathmandu from June 18-21, this year.

Various countries submitted proposals to organise the 21st meeting of IDA. Finally, the World Bank Board of Directors chose Nepal for the meeting from among Tajikistan and Nepal, said the Ministry. 

Six years ago, Nepal had written to the World Bank headquarters in Washington, DC and also lobbied informally to hold the 19th IDA meeting in Kathmandu.

According to the Ministry, the programme would be held in three sessions -- inauguration, closed session and conclusion. 

Finance Minister Barsaman Pun will address in the closing session as chief guest.

The Ministry of Finance has formed an organising committee under the leadership of secretary Madhu Kumar Marasini and a management and coordination committee under the joint secretary and chief of International Economic Cooperation Coordination Division of the Ministry of Finance Shreekrishna Nepal.

World Bank President Ajay Banga, World Bank's Senior Managing Director Axel van Trotsenburg, nine vice presidents and five directors are coming to Nepal from Washington, DC to participate in the IDEA meeting, which is an international alliance of development partners. 

Joint Secretary Nepal said that more than 300 representatives from 60 donor countries and more than 90 partner countries would participate in the meeting.

Established in 1960, IDA is a multilateral aid agency for countries lagging behind in economic development in addition to concessional loans and grants from the World Bank.

The IDA has been providing assistance to more than 75 low- and middle-income countries. The IDA meeting is held in every three years. 

This time, the main agenda of the meeting has been decided on how to further support the economic advancement of developing countries like Nepal. 

Nepal said that it is a matter of happiness that Nepal has been chosen for the venue of this level of meeting. 

He said that the world community would receive the information of the development projects under construction in Nepal in collaboration with partners, their positive aspects and challenges and the meeting would be important to share this experience with the world.

The government believes that Nepal would also get diplomatic benefits from the programme. 

In the meeting, the main tasks to be carried out by IDA in the next three years, as well as the limits of resources generated for economic development, will be discussed, said the Ministry.

After the meeting, the high officials along with WB president Banga are ready to go for on-site inspection of nine different projects under construction with the investment of development partners, including the World Bank around Kathmandu Valley.

The 20th meeting of the IDA held every three years was hosted by Japan on December 14 and 15, 2021. Through the meeting, the global alliance of development partners announced that it would provide USD 93 billion in grant support to low-income countries to combat the COVID-19 pandemic and reduce carbon emissions through green promotion.

The World Bank is investing in the 1,063 MW semi-reservoir Upper Arun Hydropower Project in Sankhuwasabha and the 635 MW Dudhkoshi Reservoir Project.