KATHMANDU: The International Development Association (IDA) of the World Bank Group is set to convene in Kathmandu from June 18 to 21 for its IDA-21 K meeting.

Hosted in Nepal’s federal capital, this gathering holds significant importance as it will chart the global policy direction on resource mobilization.

At a news conference today at the Ministry of Finance, Finance Secretary Madhu Kumar Marasini provided insights into the upcoming event.

He highlighted that the IDA-21 meeting will play a decisive role in formulating strategies for global resource mobilization.

Marasini also emphasized the diplomatic benefits Nepal anticipates from hosting such a prestigious international assembly.

“This meeting will make critical decisions regarding IDA’s worldwide resource mobilization efforts,” Marasini stated.

He underscored the positive implications for Nepal, emphasizing the opportunities arising from hosting such a gathering.

Faris Hadad-Zervos, the World Bank’s Country Director for Nepal, Maldives, and Sri Lanka, underscored IDA’s role in fostering Nepal’s sustainable and inclusive development through transparent and accountable financial assistance.

“The IDA-21 meeting will bring together donor and recipient nations to strategize on mobilizing resources to meet global development goals and their renewals,” he added, noting IDA’s status as the largest source of concessional financial assistance worldwide.

IDA has been a steadfast supporter of Nepal across sectors such as education, health, water, sanitation, agriculture, infrastructure, and institutional reforms.

Shree Krishna Nepal, Chief of the International Economic Cooperation Coordination Division at the Finance Ministry, expressed optimism about IDA-21’s potential impact.

He highlighted its significance in shaping policies related to Nepal’s priorities, including climate finance.

Prime Minister Pushpa Kamal Dahal ‘Prachanda’ is scheduled to inaugurate the IDA-21 meeting, expected to draw over 200 participants from 70 countries.

An Organizing Committee led by Finance Secretary Marasini and a Management and Coordination Committee under Joint Secretary Nepal have been established to oversee the event.

High-ranking officials from the World Bank, including President Ajay Banga, will also be in attendance.

Established in 1960, IDA has been a longstanding development partner in South Asia, catalyzing transformative changes aimed at enhancing millions of lives.

The 21st replenishment of IDA, known as IDA21, is seen as a pivotal moment in South Asia’s development and recovery journey, particularly in confronting overlapping challenges in the region.