Nepal to Host 21st International Development Association Meeting

Nepal is set to host the 21st meeting of the International Development Association (IDA) under the World Bank Group, marking the largest World Bank program ever held in the country. The meeting will take place in Kathmandu from June 18 to 21 and will be inaugurated by Prime Minister Pushpa Kamal Dahal.

After a competitive selection process, the World Bank Board of Directors chose Nepal over Tajikistan to host this significant event. Nepal had been informally lobbying for six years, starting with a letter sent to the World Bank headquarters in Washington, D.C.

The IDA meeting will consist of three sessions: opening, mid-session, and closing. Finance Minister Barsha Man Pun will serve as the chief guest at the closing session.

The Ministry of Finance has established an organizing committee led by Secretary Madhukumar Marasini and a management and coordination committee headed by Shreekrishna Nepal, the chief of the International Economic Cooperation Coordination Division.

High-profile attendees will include World Bank President Ajay Banga, Senior Managing Director Axel van Trotsenberg, nine vice presidents, and five directors from Washington. More than 300 representatives from 60 donor countries and over 90 partner countries are expected to participate.

IDA, established in 1960, is a multilateral aid agency that supports economic development in low- and middle-income countries through concessional loans and grants. IDA meetings, held every three years, focus on supporting the economic development of member countries. This year’s agenda aims to further assist countries like Nepal.

Under Secretary Nepal expressed enthusiasm about hosting the meeting, emphasizing that it will highlight Nepal's ongoing development projects, their achievements, and challenges. The government expects diplomatic benefits from hosting this global event, which will focus on IDA's main tasks and resource limits for the next three years.

Following the meeting, World Bank officials, including President Banga, will inspect nine ongoing projects around the Kathmandu Valley funded by development partners, including the World Bank.

Preparations for the meeting were discussed by Finance Minister Pun with World Bank Vice President for South Asia, Martin Raiser, during the Third Nepal Investment Summit in April, and with other World Bank officials during his visits to the United States. In mid-May, Minister Pun met with World Bank Vice Presidents Akihiko Nishio and Guangzhe Chen at the bank’s headquarters in Washington, D.C., to finalize details for the IDA meeting.

The previous IDA meeting, held in Japan on December 14-15, 2021, saw a commitment of $93 billion in grant support to low-income countries to combat COVID-19 and reduce carbon emissions through green initiatives.

Additionally, the World Bank is heavily investing in Nepal's hydropower sector, including the 163 MW Upper Arun Hydropower Project and the 635 MW Dudhkoshi Reservoir Project in Sankhuwasabha.

Under Secretary Nepal highlighted that the global community will gain insight into Nepal’s development efforts and challenges, making this meeting a crucial platform for sharing experiences and enhancing international cooperation.