BRASILIA (dpa-AFX) - President Joe Biden has announced a substantial increase in the U.S. contribution to the International Development Association (IDA), the arm of the World Bank that supports the poorest and most vulnerable countries.
Announcing this at the G20 Summit in Río de Janeiro, Biden called on existing donors to follow the U.S. example by increasing support and on new donors to start contributing.
The White House said the Biden Administration intends to pledge $4 billion over three years to the ongoing IDA replenishment, subject to Congressional approval.
Biden reiterated his request for Congress to approve funding to boost World Bank lending capacity by $36 billion. He recognized the G20 members that have made their own contributions to this U.S.-led effort, and called on fellow leaders to match this with their own contributions.
President Biden called on G20 countries to swiftly provide debt relief to countries who need it and advocated for accelerating the debt restructuring process, including by improving the G20 Common Framework.
At the Rio Summit, the United States announced a major $325 million contribution to the Clean Technology Fund, a highly concessional fund designed to support the scaling and diversification of clean energy supply chains in eligible developing economies. The United States has also separately extended $2 billion in shareholder guarantees through the World Bank to catalyze India's and Indonesia's investments in the clean energy economy.
At the Rio Summit, President Biden joined G20 leaders to launch the Global Alliance Against Hunger and Poverty to provide sustained political momentum and facilitate better alignment of financial resources and knowledge-sharing in support of efforts to eradicate poverty.
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