Outgoing U.S. President Joe Biden is set to unveil a “historic” pledge for a World Bank fund supporting the world’s poorest nations, the White House announced Monday. The announcement will come as Biden attends the G20 summit in Rio de Janeiro, marking his final appearance at the global forum before President-elect Donald Trump assumes office with a cost-cutting agenda.
“President Biden will announce a historic U.S. pledge during the Rio summit and rally other leaders to step up their contributions,” U.S. Deputy National Security Advisor Jon Finer told reporters.
The pledge will target the International Development Association (IDA), the World Bank’s concessional lending arm focused on aiding impoverished nations, particularly through projects addressing climate challenges. While details of the U.S. contribution remain undisclosed, Finer emphasized Biden’s commitment to ensuring an “ambitious replenishment” of the fund.
The announcement is part of Biden’s six-day tour of South America, aimed at cementing his international legacy before Trump’s return to the White House on January 20. On Sunday, Biden visited the Amazon rainforest, touting the U.S. achievement of increasing bilateral climate financing to $11 billion annually.
President-elect Trump, who has vowed to dismantle many of Biden’s initiatives, has already appointed tech billionaire Elon Musk to lead a commission targeting federal government inefficiencies.
The pledge underscores Biden’s focus on multilateral cooperation, a hallmark of his presidency, even as his successor signals a sharp pivot in U.S. policy.
