Outgoing US President Joe Biden is set to announce a “historic” commitment to a World Bank fund aimed at assisting the world’s poorest countries, the White House confirmed on Monday, just before Donald Trump takes office with his cost-cutting agenda.
Biden is expected to reveal the funding for the International Development Association (IDA) at the G20 summit currently underway in Rio de Janeiro, marking his final participation in the global leaders’ gathering.
“President Biden will announce a historic US pledge during the Rio summit and will encourage other leaders to increase their contributions,” US Deputy National Security Advisor Jon Finer told reporters.
Finer added that Biden would also stress the importance of an “ambitious replenishment” of the fund.
The IDA, the concessional lending arm of the World Bank, provides financial support to some of the world’s poorest countries, including funding for climate-related projects.
The US official did not disclose the specific amount of the pledge.
During his six-day tour of South America, Biden has been working to strengthen his international legacy ahead of President-elect Trump’s return to the White House on 20 January.
On Sunday, Biden visited the Amazon rainforest in Brazil to highlight his administration’s climate change achievements, noting that the United States had met its target of increasing bilateral climate financing to $11 billion a year.
Trump, however, has vowed to dismantle many of Biden’s policies and has appointed tech mogul Elon Musk to lead a commission focused on eliminating what he terms federal government waste.