Nepal to host 21st IDA meeting, the largest World Bank event in the country

Kathmandu / June 9: The 21st meeting of the International Development Association (IDA) under the World Bank Group is set to be held in Nepal. This is the largest World Bank program to take place in Nepal.

Prime Minister Pushpa Kamal Dahal will inaugurate the meeting, scheduled in Kathmandu from June 18 to 21. Various countries had submitted proposals to host the 21st IDA meeting. Ultimately, the World Bank Board of Directors selected Nepal over Tajikistan.

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

The program will consist of three sessions: opening, mid-session, and closing. Finance Minister Barsha Man Pun will be the chief guest at the concluding session.

To organize the event, the Ministry of Finance has formed an organizing committee led by Secretary Madhukumar Marasini and a management and coordination committee headed by Shreekrishna Nepal, under secretary and chief of the International Economic Cooperation Coordination Division of the ministry.

Ajay Banga, president of the World Bank, and Axel van Trotsenberg, senior managing director of the World Bank’s Development Policy and Partnerships Department, along with nine vice presidents and five directors from Washington, will attend the meeting. Additionally, more than 300 representatives from 60 donor countries and over 90 partner countries are expected to participate, said Under Secretary Nepal.

Established in 1960, IDA is a multilateral aid agency that supports economic development in low- and middle-income countries through concessional loans and grants. IDA meetings are held every three years, and this year’s agenda focuses on further supporting the economic development of countries like Nepal.

Under Secretary Nepal expressed happiness that Nepal has been chosen as the venue for this significant meeting. He highlighted that the global community will become aware of the development projects under construction in Nepal, their positive aspects, and challenges, making the meeting an important platform to share these experiences.

The government anticipates diplomatic benefits from hosting the program. During the meeting, discussions will focus on the main tasks for IDA over the next three years and the limits of resources for economic development.

After the meeting, high-ranking officials of the World Bank, including its President Banga, will inspect nine ongoing projects around Kathmandu Valley, funded by development partners, including the World Bank.

Finance Minister Pun had earlier discussed the preparations for the meeting with World Bank Vice President for South Asia, Martin Raiser, who came to Kathmandu to participate in the Third Nepal Investment Summit held in late April, and other World Bank officials during his visits to the United States. Prior to that, when Minister Pun went to the United States in the mid-May to participate in the joint spring meeting of the World Bank and the International Monetary Fund, he also discussed the IDA meeting with Akihiko Nishio, vice president for Development Finance at the World Bank and Guangzhe Chen, vice president for Infrastructure at the World Bank in a meeting held at the bank’s headquarters in Washington DC.

The 20th meeting of the IDA, held every three years, was hosted by Japan on December 14 and 15, 2021. During this meeting, the global coalition of development partners announced a commitment to provide $93 billion in grant support to low-income countries to combat the COVID-19 pandemic and reduce carbon emissions through green initiatives.

Additionally, the World Bank is investing in significant hydropower projects in Nepal, including the 163 MW semi-reservoir Upper Arun Hydropower Project and the 635 MW Dudhkoshi Reservoir Project in Sankhuwasabha.