Biden announces record $4 billion pledge to World Bank fund for poorest nations
US 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 three-year commitment exceeds the previous $3.5 billion contribution made in 2021. The IDA fund, which provides grants and low-interest loans, is replenished every three years, with a conference scheduled for December 5-6 in Seoul. World Bank President Ajay Banga aims for a replenishment goal of $120 billion, responding to rising demands from struggling nations. Biden's new pledge is about 14.3% higher than the 2021 contribution. It remains uncertain if President-elect Donald Trump will honor this commitment, as he has previously suggested cuts to foreign aid.