“The US promises to allocate $4 billion to the World Bank to support poor countries. Joe Biden announced a three-year commitment to allocate $4 billion to the World Bank’s International Development Association. The funds will be directed to low-interest loans and grants for the world’s poorest countries.”, — write on: unn.ua
Details
Biden announced the three-year commitment at a meeting with other Group of 20 leaders in Rio de Janeiro on Monday, according to a senior administration official.
Trump and his advisers generally favor more unilateral approaches to such lending, such as the creation of the International Development Finance Corporation during his first administration. However, during his first term, the US agreed to provide about $3 billion to replenish the IDA fund in 2019.
Project 2025, a detailed management plan drawn up by some of Trump’s closest former White House advisers, recommended that the United States withdraw membership and funding from the World Bank and the International Monetary Fund, although Trump and his campaign disavowed the document before the election.
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In an interview last month, World Bank President Ajay Banga said the institution was making progress in raising funds that could be used to provide more than $100 billion to some 75 of the poorest countries, up from the record $93 billion raised in the last fundraiser, which ended in 2021.
Final figures for this fee will be announced in December.
The funds will go to the International Development Association, whose resources must be replenished every few years. The American contribution will require appropriations from Congress, which is unlikely to happen before Trump takes office in January, Bloomberg writes.
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