US Pledges $4 Billion for World Bank Arm Focused on Poor Nations

Biden administration pledge made at closed-door meeting in Rio
Approval by Congress is unlikely before Trump takes office

Joe Biden speaks during the launch of the Task Force for a Global Alliance Against Hunger and Poverty, on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, on Nov. 18.Photographer: Eric Lee/AFP/Getty Images

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By Eric Martin

November 18, 2024 at 10:38 PM UTC

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President Joe Biden pledged $4 billion for the World Bank unit focused on low-interest loans and grants to the poorest nations, bolstering the effort to secure funding amid uncertainty over the policies of President-elect Donald Trump.

Biden announced the three-year commitment at a meeting with other Group of 20 leaders in Rio de Janeiro on Monday, according to a senior administration official, who was granted anonymity in order to discuss the closed-door session.