WB President Ajay Banga Set to Arrive in Nepal Next Week

Ajay Banga, President of World Bank, is coming to Nepal next week. Banga is visiting Nepal to participate in the World Bank’s International Development Association (IDA) meeting to be held in Kathmandu on 18-19 June.

Likewise, Senior Managing Director Axel van Trotsenburg, who oversees the Bank’s second-tier development policy and partnership department, along with nine vice-presidents and five directors of the bank, are also traveling to Nepal from Washington.

More than 300 representatives from over 90 countries, which are partners of the World Bank, will participate in the meeting, stated Krishna Nepal, Head of the International Financial Aid Coordination Division of the Ministry of Finance. This is the largest program organized by the World Bank in Nepal to date.

Various countries submitted proposals to host the 21st meeting of IDA. Out of these, Nepal was chosen by the World Bank Board of Directors, surpassing Tajikistan as the competitor. Nepal had initiated efforts to organize the IDA meeting in Kathmandu six years ago.

The Ministry of Finance has formed an organizing committee under the leadership of Secretary Madhu Kumar Marasini and a management and coordination committee under the coordination of Nepal, the head of the International Financial Assistance Coordination Division of the ministry.

Established in 1960, IDA is the World Bank’s concessional loan and grant-in-aid and multilateral aid agency for countries lagging behind in economic development. It is known to provide aid to over 75 low and middle-income countries worldwide.

IDA meetings are convened every three years. This time, the main agenda of the meeting is to further support the economic development of developing countries, as stated in a statement issued by the Secretariat of Finance Minister Barsha Man Pun.

Following the meeting, there is a program for on-site inspection of nine different projects under construction with investment from development partners, including the World Bank, around the Kathmandu Valley.

The World Bank is gearing up to invest in the 163 MW Upper Arun Hydropower Project with a semi-reservoir and the 635 MW Dudhkoshi Reservoir Project to be constructed in Sankhuwasabha.