Biden announces $4 billion pledge to World Bank fund for poorest nations at G20 summit
U.S. President Joe Biden announced a record $4 billion pledge to the World Bank's International Development Association fund for the poorest countries during the G20 summit in Rio de Janeiro. This commitment is significantly higher than the $3.5 billion pledged in 2021. The U.S. Treasury is leading negotiations for the fund's replenishment, with a conference scheduled for December 5-6 in Seoul. World Bank President Ajay Banga aims to exceed the previous $93 billion replenishment target amid increasing demands from struggling nations. Biden's pledge is about 14.3% more than the 2021 contribution. Other countries, like Spain and Denmark, have also announced increases to their contributions, reflecting a broader trend of rising support for the IDA fund.