💨 Abstract

US President Joe Biden has announced a $4 billion pledge over three years to replenish the World Bank's International Development Association (IDA), which provides aid to vulnerable countries. IDA, established in 1960, is the arm of the World Bank that supports low-income countries and is a significant source of assistance for these nations. IDA provides grants and low-interest loans, with many countries receiving resources on grant terms with no repayments.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖