World Bank's VP, Finance Minister discuss preparations for 21st IDA meet

KATHMANDU: World Bank's Vice President for the South Asia Region, Martin Raiser, met with Finance Minister Barsha Man Pun to discuss preparations for the forthcoming meeting of the International Development Association (IDA).

World Bank's Vice President Raiser had participated in the Nepal Investment Summit 2024, leading the World Bank Group.

The World Bank is scheduled to hold the 21st meeting of the IDA in Kathmandu from June 18 to 21. Representatives from 92 countries, including World Bank President Ajay Banga, will participate in the meeting.

Vice President Raiser informed that following the IDA's meeting, senior officials will conduct an on-site study of various projects under construction with the World Bank's investment.

Minister Pun stated that arrangements are being made for the on-site study and that preparations are ongoing for the 21st meeting of the IDA. He informed that an organising committee, led by Finance Secretary Madhu Kumar Marasini, and a Management and Coordination Committee, coordinated by the Finance Ministry's International Economic Cooperation Coordination Division's Joint Secretary Shreekrishna Nepal, have been formed for the preparation of the IDA's meeting. Both committees have proceeded with the preparatory work. The Finance Minister added that he is coordinating with the World Bank Nepal Office in Kathmandu regarding the preparations for the same meeting.

The IDA, a part of the World Bank, assists the world's low-income countries by providing grants and low-interest loans to help countries invest in their futures, improve lives, and create safer, more prosperous communities around the world.

The government of Nepal has stated that the IDA's meeting will be the largest international-level conference held in Nepal to date. The IDA meeting has an agenda to further support the economic development of developing countries like Nepal.

The World Bank Group has chosen Nepal to host the 21st meeting of the IDA. The World Bank Group is holding this high-level meeting in Nepal for the first time. The IDA's meeting is held every three years. The 20th meeting was organised by Japan on December 14 and 15, 2021.