President Joe Biden announced a “historic” $4 billion pledge over the next three years to the World Bank’s International Development Association (IDA), aiming to bolster support for the world’s poorest countries.
The announcement was made during a closed session at the G20 summit in Rio de Janeiro on Nov. 18, according to Reuters.
“Now we need to make sure the World Bank can continue its work in the most vulnerable countries,“ Biden said. ”Right now, I’m proud to announce the United States is pledging $4 billion over the next three years for the World Bank International Development Association.
“The IDA is the first responder in the world’s poorest countries. I encourage everyone around this table to increase their pledges in December.”
The IDA is a segment of the World Bank that assists low-income countries by providing grants and low-interest loans “to invest in their futures, improve lives, and create safer, more prosperous communities.”
“[The] IDA is one of the largest sources of assistance for the world’s 78 low-income countries and is the single largest source of donor funds for basic social services in these countries,” the IMF website states.
The U.S. pledge significantly exceeds the $3.5 billion committed in the previous IDA replenishment round in December 2021.
U.S. deputy national security adviser Jonathan Finer told reporters earlier in the day that the pledge was “historic” and that funds would directly benefit the world’s poorest nations, according to Reuters.
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