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World Bank's IDA-21 meet to take place in Kathmandu on Jun 18-21

B360
B360 June 14, 2024, 4:48 pm
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KATHMANDU: A meeting of the World Bank Group's International Development Association (IDA) is scheduled to take place in Kathmandu from June 18 to 21. This event is referred to as IDA-21 K.

In a press conference held at the Ministry of Finance (MoF) today to share information about the meeting, Finance Secretary Madhu Kumar Marasini stated that the IDA-21 meeting will establish the strategic direction for the type of policy to be adopted for resource mobilisation. He expressed confidence that Nepal will also gain diplomatic benefits from the event.

According to the Finance Secretary, this meeting will make a significant decision regarding the global resource mobilisation of IDA. "The fact that this meeting is taking place in Nepal is a positive development. This will create new opportunities," he added.

World Bank Country Director for Nepal, Maldives, and Sri Lanka, Faris Hadad-Zervos, mentioned that IDA has been providing financial assistance to Nepal for its sustainable and inclusive development. He described IDA as a capable, transparent, and accountable platform for achieving results. "Donor and recipient nations will convene in one place during the IDA-21 meeting and formulate the next strategy after discussing the mobilisation of resources to be used for meeting global development goals and their renewal. IDA is the world's largest source of concessional financial assistance," he added.

IDA has been providing financial support in various sectors in Nepal, including education, health, drinking water, sanitation, agriculture, and infrastructure, and has also been working on various institutional reforms.

Joint Secretary and Head of the International Economic Cooperation Coordination Division at the MoF, Shreekrishna Nepal, expressed his belief that IDA-21 will be significant in terms of outlining the guiding direction on topics related to Nepal's concerns and interests, including climate finance, as IDA is one of Nepal's largest development partners. He said this meeting will play a crucial role in devising the policy package related to IDA's resource mobilisation.

Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA-21 meeting. More than 200 individuals from 70 countries are expected to attend the meeting.

An Organising Committee led by Finance Secretary Marasini and a Management and Coordination Committee under the coordination of Joint Secretary Nepal have been formed to manage the meeting.

High-ranking officials from the World Bank, including its President Ajay Banga, will also attend the IDA meeting.

IDA has been a committed partner in South Asia for over six decades, catalysing transformative change to improve the quality of life for millions. In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery.

The IDA is a part of the World Bank that invests in the future of people and the planet, with projects across 75 countries. Established in 1960, IDA aims to reduce poverty by providing grants and zero- to low-interest loans for programmes that boost economic growth, reduce inequalities, and improve people’s living conditions.

IDA's meetings take place every three years.

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