US President Joe Biden on Tuesday pledged a $4 billion contribution to the World Bank's fund for the globe's poorest countries, as he seeks to shore up America's commitment to multilateral institutions before president-elect Donald Trump assumes power.
The contribution will support the International Development Association, which supplements the World Bank's main lending arm. Pakistan and Bangladesh were the top two IDA borrowers in the last fiscal year, while countries in sub-Saharan Africa received about 75 per cent of IDA's financing during that time frame.
Mr Biden made the pledge during the G-20 summit in Brazil as part of his efforts to future-proof alliances and his climate legacy before Mr Trump begins his second presidential term.
“President Biden has heard loud and clear the calls from developing countries for more concessional financing and a strong IDA replenishment in December,” the White House said.
The pledge is subject to congressional approval.
Mr Trump's return to power poses serious questions for the International Monetary Fund and World Bank. The two Washington-based institutions receive the bulk of their funding from the US, which is used to support lower-income countries and climate-related issues.
Heightening these anxieties is Project 2025, a playbook designed by a conservative think tank in Washington. The group wants it introduced when Mr Trump takes office. The manual consists of several isolationist plans and argues the US should withdraw from and stop financing the World Bank and IMF.
“International organisations such as … the World Bank, and the International Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles,” according to Project 2025.
Mr Trump distanced himself from Project 2025 during the presidential campaign, but now named multiple people associated with the paper to top posts in his administration.
Mr Trump has also recently nominated fracking executive Chris Wright, a climate sceptic, to lead the Department of Energy.
The nomination came days after World Bank President Ajay Banga and IMF managing director Kristalina Georgieva said they would continue to work with Mr Trump to support lower-income countries impacted by climate change.
During a panel at the Cop29 climate summit in Azerbaijan, Ms Georgieva said she remained confident that the private sector would continue investing in green technologies. Meanwhile, Mr Banga said the World Bank would engage with Mr Trump.
Mr Trump will probably withdraw the US from the Paris Climate Accord for a second time and has vowed to secure any unspent funds from Mr Biden's Inflation Reduction Act, a climate law to push the US towards reducing its carbon emissions.
Last week, in Azerbaijan, White House climate adviser Ali Zaidi said that the Biden administration would be using the remainder of its term to reassure its allies that Mr Trump would be unable to stop the transition to green initiatives.
Tuesday's pledge exceeds the $3.5 billion in funding the US committed in December 2021.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
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THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
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Engine: 5.2-litre twin-turbo V12
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
UAE currency: the story behind the money in your pockets
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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