Biden Pledges $4 Billion to World Bank Fund for Poorest Countries

The pledge significantly exceeds the $3.5 billion committed in the previous International Development Association replenishment round in December 2021.

President Joe Biden attends the opening session of the G20 Summit in Rio de Janeiro on Nov. 18, 2024. Pablo Porciuncula/AFP via Getty Images

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.