Biden's $4 Billion Pledge to the World Bank and Efforts to Combat Global Poverty at G20

At the G20 summit in Brazil on November 18th, President Biden announced a $4 billion pledge over three years to replenish the International Development Association (IDA), the World Bank's branch supporting the poorest countries. This announcement follows ongoing efforts to improve multilateral development banks in fighting global poverty.

A senior administration official stated, “This was a really important session for us, because it lifts up a lot of our priorities that we've been working on, not just in the G20 and for the summit, but throughout the last four years.”

President Biden’s pledge is part of a broader push for global financing and reform. “He’s joining a few other countries that have already made an announcement, but we’re hoping that you know catalyzes further announcements over the next couple of weeks on ambition,” the official said. The U.S. also urged other countries to provide “net positive financing” for countries pursuing ambitious reforms, although “there wasn’t full consensus,” which will be reflected in the final declaration. Biden emphasized the need for broader support, calling on creditors of all types to “step up their support.”

On hunger and poverty, Biden said, “Since day one of my administration, I put this issue front and center in my administration as well.” He also pointed to the compounded challenges of COVID-19, conflict, and climate change, adding, “It will take everyone at the table to step up” and urging the mobilization of private capital at scale. He said, “Too many nations are forced to choose between investment and debt repayment.”

Biden also addressed current conflicts, including Ukraine, Gaza, and Sudan.

On Ukraine, he stated, “The United States strongly supports Ukraine's sovereignty and territorial integrity. Everyone around this table in my view should as well.”

Regarding Israel, President Biden said, “Israel has a right to defend itself after the worst massacre of Jews since the Holocaust. But how it defends itself... matters a great deal.” He further called for increased pressure on Hamas, saying, “I ask everyone here to increase their pressure on Hamas, which is currently refusing this deal.”

On Sudan, Biden remarked, “Sudan is one of the world’s most serious humanitarian crises.”

He also noted, “This is my last G20,” and concluded, “This group has within its power to usher in a new era of sustainable development.”