Kathmandu, June 14: A meeting of the World Bank Group's International Development Association (IDA) is taking place in the federal capital, Kathmandu, from June 18 to 21. The meeting is dubbed as IDA-21 K.

Addressing a news conference organized at the Ministry of Finance today to disseminate information about the meeting, Finance Secretary Madhu Kumar Marasini said the IDA-21 meeting shall determine the guiding direction as to the kind of policy to be adopted for resource mobilization. He expressed the belief that Nepal will also gain diplomatic benefit from the event.

According to the Finance Secretary, this meeting will make important decision regarding resource mobilization of IDA in a worldwide manner.

"It is a positive aspect for Nepal that this meeting is taking place in Nepal. This will create new opportunities," he added. 

Country Director of the World Bank for Nepal, Maldives and Sri Lanka, Faris Hadad-Zervos said IDA has been providing financial assistance to Nepal for its sustainable and inclusive development. He said IDA is a capable, transparent and accountable forum for achieving results.

"Donor and donation receiving nations will sit together at one place in course of the IDA-21 meeting and thrash out the next strategy after holding discussions on mobilization of resources to be used for meeting the worldwide development goals and on their renewal. IDA is the world's largest source for concessional financial assistance," he added. 

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

Chief of Finance Ministry, International Economic Cooperation Coordination Division, Shree Krishna Nepal, expressed the belief that IDA-21 would be significant in terms of charting out the guiding direction on topics related to Nepal's concerns and interest, including climate finance, as IDA is one of Nepal's largest development partners.  

As he said, this meeting will play important role in devising the policy package related to IDA's resource mobilization.

Prime Minister Pushpa Kamal Dahal 'Prachanda' is scheduled to inaugurate the IDA-21 meeting. More than 200 individuals from 70 countries are attending the Meeting.

An Organizing Committee led by Finance Secretary Marasini and a Management and Coordination Committee under the coordination of Joint Secretary Nepal, Chief of the International Economic Cooperation Coordination Division, has been formed for managing the meeting. 

World Bank high officials including its President Ajay Banga are also attending the IDA meeting.

IDA has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate 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 International Development Association (IDA) is the part of the World Bank that invests in the future of people and planet, with projects across 75 countries. Established in 1960, IDA aims to reduce poverty by providing grants and zero- to low-interest loans for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.

IDA's meetings take place in every three years. (RSS)