World Bank or U.S. Treasury Department announcements

Biden Announces Record $4 Billion Pledge to World Bank Fund for Poorest Nations

Nov 18, 2024, 05:35 PM

U.S. President Joe Biden has announced a historic pledge of a record $4 billion to the World Bank's International Development Association (IDA) fund, aimed at supporting the world's poorest nations. This landmark contribution, which represents a 14.3% increase from 2021, was made during a closed session at the G-20 summit in Rio de Janeiro. The IDA provides grants and low-interest loans to impoverished countries, with the U.S. contribution set to be disbursed over three years. Deputy National Security Advisor Jonathan Finer highlighted the significance of this pledge, marking it as a substantial commitment to global poverty alleviation. The pledge will require support from the incoming Trump administration.