The 21st meeting of the International Development Association (IDA) under the World Bank Group is being held in Nepal, marking the largest World Bank event hosted by the country.
Prime Minister Pushpa Kamal Dahal Prachanda will inaugurate the meeting in Kathmandu, which runs from June 18 to 21. Nepal was selected over Tajikistan to host this significant event after informally lobbying the World Bank headquarters in Washington, D.C., for six years to bring the IDA-19 meeting to Kathmandu.
The meeting will feature three main sessions: opening, mid-session, and closing, with the Finance Minister as the Chief Guest for the closing ceremony. The Ministry of Finance has established an organizing committee led by Secretary Madhukumar Marasini and a management and coordination committee coordinated by Joint Secretary Sri Krishna Nepal, head of the International Economic Assistance Coordination Division.
World Bank President Ajay Banga, along with Senior Managing Director Axel van Trotsenburg, nine vice-presidents, and five directors, will attend the meeting, representing an international coalition of development partners. Additionally, about 60 donors and partners of the World Bank and more than 300 representatives from over 90 countries will participate.
Founded in 1960, the IDA is the World Bank’s multilateral aid agency for developing countries, providing concessional loans and grants to over 75 low- and middle-income nations. The IDA meetings, held every three years, focus on enhancing economic development in developing countries like Nepal. Joint Secretary Nepal expressed pride in Nepal’s selection as the venue, emphasizing the opportunity to showcase Nepal’s development projects, share experiences, and gain diplomatic benefits.
Discussions at the meeting will cover the IDA’s major work over the next three years and the scope of resources allocated for economic development. Following the meeting, high-ranking officials, including President Banga, will inspect various development projects funded by the World Bank around the Kathmandu Valley.
The event follows preparations discussed by Finance Minister Pun and Martin Reiser, Vice President for South Asia at the World Bank, during the 3rd International Investment Conference in Kathmandu last year. Minister Pun also engaged with World Bank Vice Presidents Akihiko Nishio and Guangzhe Chen during his visit to Washington, D.C., for the World Bank and International Monetary Fund’s joint spring meeting.
The previous IDA meeting was hosted by Japan on December 14-15, 2021, where the Global Alliance of Development Partners announced a $93 billion grant to help low-income countries combat COVID-19 and promote green growth.
The World Bank is currently investing in Nepal’s 163 MW semi-electric Upper Arun Hydropower Project and the 635 MW Dudhkoshi Reservoir Project in Sankhuwasabha.
