The pledge significantly exceeds the $3.5 billion committed in the previous International Development Association replenishment round in December 2021.
President Joe Biden announced a $4 billion pledge over the next three years to the World Bank’s International Development Association, aiming to bolster support for the world’s poorest countries.
“The IDA is the first responder in the world’s poorest countries. I encourage everyone around this table to increase their pledges in December.”
The IDA is a segment of the World Bank that assists low-income countries by providing grants and low-interest loans “to invest in their futures, improve lives, and create safer, more prosperous communities.”
“[The] IDA is one of the largest sources of assistance for the world’s 78 low-income countries and is the single largest source of donor funds for basic social services in these countries,” the IMF website states.
