IDA meeting concludes in Kathmandu, World Bank representatives to inspect Nepal’s projects « Khabarhub
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IDA meeting concludes in Kathmandu, World Bank representatives to inspect Nepal’s projects

22 June 2024  

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KATHMANDU: The Third Replenishment Meeting of the International Development Association (IDA-21) under the World Bank Group has concluded in Kathmandu.

Finance Minister Barshaman Pun closed the four-day meeting at Hotel Soaltee Plaza on Friday. Prime Minister Pushpa Kamal Dahal ‘Prachanda’ inaugurated the meeting on Tuesday.

This is the largest event organized by the World Bank Group in Nepal to date.

The meeting formulated strategies for future support to low-income countries. Senior Managing Director Axel van Trotsenburg and over a dozen vice presidents and directors from the World Bank attended, along with about 200 representatives from 61 countries. Following the inaugural session, the next three days were held in closed sessions.

According to Ministry of Finance sources, the sessions comprised in-depth discussions among donor representatives, recipient countries, and senior World Bank officials regarding concessional loans, grants, policy frameworks, outcome blueprints, and financial commitments for the next three years for low-income countries.

Although several countries had proposed to host the IDA-2 meeting, Nepal was chosen over Tajikistan by the World Bank’s Board of Directors.

The World Bank established IDA in 1960, which has been playing a leading role in the international alliance of development partners, providing concessional loans, grants, and multilateral aid to underdeveloped countries. IDA has been assisting over 75 low and middle-income countries globally.

Post-meeting, senior World Bank officials will visit nine projects related to education, drinking water, reconstruction, energy, and climate around the Kathmandu Valley, operated with investment from the World Bank and other development partners.

Ministry of Finance spokesperson Under Secretary Uttarkumar Khatri stated that the event has helped Nepal gain international recognition, align its development priorities with IDA’s policy priorities, and boost confidence for hosting large-scale international and regional events in the future, thereby promoting tourism and supporting the economy.

Publish Date : 22 June 2024 06:43 AM

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