Kathmandu. Senior Managing Director of the World Bank, Axel van Trosenverg, has arrived in Nepal today to participate in the meeting of the International Development Organization (IDA) to be held in Kathmandu.
The World Bank Group issued a press release saying that he has come to Kathmandu to preside over the IDA-21 meeting, which is scheduled to begin on Tuesday, and for high-level meetings.
During his five-day visit to Nepal, Senior Managing Director Axel will meet with Prime Minister Pushpa Kamal Dahal ‘Prachanda’, Finance Minister Varshman Pun, Chief Secretary Dr. Vaikunth Aryal, various development partners, etc. In addition, he will also visit the Raviop area of Kavrepalanchok, which was reconstructed with the help of AIDA after the 2072 earthquake.
The Third Replenishment meeting of the International Development Organization under the World Bank Group i.e. IDA-21 meeting is being held in Kathmandu from June 4th to 7th (June 18th to 21st). The IDA-21 meeting will draw important conclusions with a discussion on what policy and direction to set for the mobilization of subsidized financial resources for low-income countries.
In addition, during the meeting, donor and borrower countries will sit together and discuss and prepare future strategies to collect and renew resources to be used to fulfill global development goals. As the host country of this meeting, Nepal is also expected to gain diplomatic benefits.
Prime Minister Dahal will inaugurate the IDA-21 meeting. According to the Ministry of Finance, more than 200 people from 70 countries are participating in the meeting. For the management of this meeting, an organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and a management and coordination committee has been formed under the coordination of Joint Secretary Shri Krishna Nepal, Head of the International Financial Assistance Coordination Division of the Ministry.
IDA, established in 1960, is an agency that provides multilateral aid to countries lagging behind in economic development, in addition to the World Bank’s concessional loans and grants. Aida has been providing aid to more than 75 low and middle income countries in the world.
As one of the largest development partners and donors in Nepal, IDA has been providing financial assistance and various institutional reforms in Nepal in the fields of education, health, drinking water, sanitation, agriculture, and infrastructure.