President Donald Trump on Friday asked Congress to approve $3.2 billion in contributions to the World Bank's International Development Association (IDA), which provides low- or zero-interest loans to the world's poorest countries, APA reports citing Reuters.
International finance experts hailed the sum, to be paid over three years, as a welcome surprise, given recent worries that Trump could skip making any contribution to IDA.
The budget proposal unveiled by Trump on Friday cuts foreign aid by $49 billion, a senior official with the Office of Management and Budget told reporters.
Documents released by the White House showed a cut of $555 million in funds for the African Development Bank and the African Development Fund, which it was "not currently aligned to Administration priorities."
The budget proposal did include the $3.2 billion for IDA, adding that other donors and institutions should take on more of the costs.
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