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...24-11-21-fact-sheet-delivering-for-the-international-development-association.md
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| --- | ||
| date: '2024-11-21' | ||
| published_time: 2024-11-21 19:55:24-05:00 | ||
| source_url: https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/21/fact-sheet-delivering-for-the-international-development-association/ | ||
| tags: statements-releases | ||
| title: "FACT SHEET: Delivering for the International Development\_Association" | ||
| --- | ||
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| This week, President Biden announced the U.S. intent for a substantial | ||
| increase in the U.S. contribution to the International Development | ||
| Association (IDA), the arm of the World Bank that supports the poorest | ||
| and most vulnerable countries. The United States will pledge $4 billion | ||
| over three years to the ongoing IDA replenishment, subject to | ||
| Congressional approval, sustaining the U.S. position as the largest | ||
| historical donor to IDA and joining other countries that are stepping up | ||
| to assist IDA recipients with critical, sustainable investments in their | ||
| development. | ||
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| Just as President Biden has championed a domestic economic agenda built | ||
| around investing at home, he is determined to unlock the resources | ||
| needed for developing countries to similarly invest in their futures. | ||
| High debt burdens, exacerbated by the COVID-19 pandemic and the food | ||
| insecurity crisis fueled by Russia’s war against Ukraine, have put these | ||
| critical investments out of reach for too many developing countries. As | ||
| a result, many countries are facing difficult choices between paying | ||
| back creditors and making critical investments in their economy and | ||
| people—like vaccinating children, building more resilient and | ||
| sustainable food systems, and addressing the damaging effects of climate | ||
| change. At this moment of need, we need to scale up the amount of | ||
| concessional finance available to these countries, while all other | ||
| creditors need to step up to keep money flowing as well. | ||
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| IDA is a key source of grants and highly concessional lending that | ||
| provides net positive flows and helps to fill the investment gap. It is | ||
| the single largest source of concessional finance to the poorest and | ||
| most vulnerable countries, and a vital provider of financing for | ||
| countries with heavy debt burdens. IDA offers support for policy | ||
| reforms in conjunction with financing, with this replenishment | ||
| sharpening the focus on boosting resilience by addressing the impacts of | ||
| climate change, pandemics, and fragility and conflict, while continuing | ||
| to invest in sustainable infrastructure, quality jobs, inclusion, gender | ||
| equality, good governance, food security and nutrition, and access to | ||
| basic services. A strong IDA builds on the initiative that the | ||
| Biden-Harris Administration has spearheaded to equip the multilateral | ||
| development banks to help countries better address global challenges so | ||
| that they can accelerate progress on reducing poverty and achieving the | ||
| Sustainable Development Goals. | ||
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| In addition to the U.S. pledge, President Biden is urging existing | ||
| donors to follow his example by stepping up support and calling on new | ||
| donors to start contributing. The leaders of developing countries have | ||
| been loud and clear in calling for more concessional financing. IDA | ||
| represents the most impactful opportunity for the international | ||
| community to respond to this urgent request. | ||
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| To complement his support for IDA, President Biden has pursued a bold | ||
| agenda calling on the international financial institutions, bilateral | ||
| creditors, and the private sector to step up support for countries with | ||
| ambitious investment and reform plans that are unable to invest in their | ||
| own futures due to debt service burdens. President Biden outlined this | ||
| agenda in the [Nairobi-Washington | ||
| Vision](https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/23/the-nairobi-washington-vision/) he | ||
| launched with President Ruto of Kenya in May. At the Rio Summit, he | ||
| pressed the G20 to take action on this plan so that developing | ||
| countries’ stepped-up investments supported by IDA and other | ||
| multilateral assistance providers are not undermined by free-riding | ||
| creditors. As part of this strategy, the U.S. government is deploying | ||
| its multilateral and bilateral tools to step up financing for countries | ||
| with heavy debt burdens, providing a pathway for sustainable growth and | ||
| development. | ||
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| \### |