Biden Pledges Record $4 Billion to World Bank’s IDA Fund for Poorest Countries
U.S. President Joe Biden has pledged a historic $4 billion contribution to the World Bank’s International Development Association (IDA) fund, which supports the world’s poorest countries. The announcement was made during a closed-door session at the G20 summit in Rio de Janeiro, according to two sources familiar with the matter.
Biden Pledges Record $4 Billion to World Bank’s IDA Fund for Poorest Countries
The pledged amount marks a significant increase from the $3.5 billion the U.S. committed during the previous IDA replenishment round in December 2021. This funding is intended to bolster IDA's efforts in addressing extreme poverty, promoting sustainable development, and improving living standards in low-income nations.
The sources, who requested anonymity, noted that Biden’s commitment underscores the U.S.’s continued leadership in global development and poverty alleviation. However, they also pointed out that the actual disbursement of funds could be influenced by the political landscape, particularly with former President Donald Trump’s potential return to office.
A Boost for Global Development
The IDA, a critical arm of the World Bank, provides concessional loans and grants to the world's most vulnerable nations. This record U.S. pledge is expected to strengthen IDA’s capacity to respond to global challenges such as climate change, food security, and post-pandemic recovery.
G20 Summit Highlights
Biden’s announcement aligns with broader discussions at the G20 summit, where leaders are focusing on economic recovery, climate change, and global equity. The U.S. pledge has been widely regarded as a reaffirmation of its commitment to international cooperation and support for global development.
