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

U.S. President Joe Biden delivers remarks during an event launching the Global Alliance Against Hunger and Poverty at the G20 Summit at the Museum of Modern Art in Rio de Janeiro, Brazil on Monday, Nov. 18, 2024. Eric Lee/Pool via REUTERS

WASHINGTON (Reuters) -U.S. President Joe Biden pledged a $4 billion U.S. contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior Biden administration official said on Monday.

Biden announced the three-year U.S. pledge during a closed session of the Group of 20 summit in Rio de Janeiro, the official told reporters, adding that the U.S. Treasury was leading negotiations at the World Bank for the IDA replenishment.