US President Joe Biden has pledged a $4 billion US contribution to the World Bank's International Development Association (IDA) fund for the world's poorest countries, two sources with knowledge of the commitment said on Monday.
Biden announced the US pledge during a closed session during the Group of 20 summit in Rio de Janeiro, according to the sources, who spoke on condition of anonymity. The amount is a record and substantially exceeds the $3.5 billion that Washington committed in the previous IDA replenishment round in December 2021.