U.S. President Joe Biden pledged a $4 billion U.S. contribution to the World Bank's International Development Association fund for the world's poorest countries, two sources with knowledge of the commitment said on Monday, Paralel.Az reports citing Reuters.

Biden announced the U.S. pledge during a closed session of the Group of 20 summit in Rio de Janeiro, according to the sources, who spoke on condition of anonymity. The amount is a record and substantially exceeds the $3.5 billion Washington committed in the previous IDA fund replenishment round in December 2021.