Biden pledges record $4 billion to World Bank fund for poorest nations

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Biden pledges record $4 billion to World Bank fund for poorest nations - Business Standard

Quick Summary:

The World Bank's IDA fund, which provides mainly grants and very low interest loans to the poorest countries, is replenished every three years, and a pledging conference is scheduled for Dec.

At the IMF-World Bank annual meetings in October, Spain announced plans to boost its contribution by 37 per cent to 400 million euros ($423 million).

The new US pledge is a record and substantially exceeds the $3.5 billion Washington committed in the previous IDA fund replenishment round in December 2021.