Biden Commits $4 Billion to IDA at G20

U.S. President Joe Biden announced a $4 billion pledge to the World Bank's International Development Association (IDA) during the G20 summit in Rio de Janeiro, marking a significant increase from the previous $3.5 billion contribution in 2021. This contribution aims to aid the world's poorest countries by providing grants and low-interest loans to reduce poverty and improve living standards. The pledge is part of Biden's broader agenda to support international development and climate initiatives, including a $50 million commitment to the Amazon Fund. However, there is uncertainty about whether President-elect Donald Trump will uphold this pledge, as his 'America First' agenda has historically favored cutting international aid. Biden's actions are seen as an effort to cement his legacy in international development before leaving office in January. World Bank President Ajay Banga aims for a record $120 billion replenishment from all donors to meet rising global demands.