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Choose to Invest F.Y. 2024
Development programming supports need-based, longterm investments in areas ranging from food security to democracy to climate in all areas of the world.
Development programming supports need-based, long-term investments across a broad spectrum of global issues, ranging from food security to democracy to climate adaptation and more. U.S. investment in international development yields significant benefits, not only for recipient communities who overcome poverty and advance sustainability, but also for America’s economic and national security interests.
Communities worldwide are facing an unprecedented breadth and depth of shocks and challenges, including the ramifications of the COVID-19 pandemic, intensifying climate impacts, entrenched conflict, and rising costs. These shocks are exacerbating global poverty levels, worsening food insecurity, straining water resources, and threatening fiscal and economic stability. These challenges reaffirm the need for the U.S. to work in partnership with allies and invest in global recovery efforts.
In response to Russia’s invasion of Ukraine, the U.S. stood up against authoritarian aggression, helping promote self-determination, freedom, and democracy. The U.S. government quickly mobilized support for the Ukrainian people impacted by the conflict, helping to reduce food, fuel, and fertilizer shortages and mitigate harms caused by displacement. U.S. commitment has also mobilized support from the G7 and multilateral institutions.
While investing in development strengthens U.S. global leadership, it also supports communities confronting crises such as climate change, basic education, and conflict. Following the U.S.-Africa Leaders Summit in December 2022, the U.S. committed $55 billion over the next three years to support trade and inclusive growth investments, technology and innovation, health, climate change, food security, and governance across the continent. These programs and initiatives are designed to deepen long-standing areas of cooperation between the U.S. and African countries while revitalizing and expanding partnerships to meet the shared challenges and opportunities of the future.
Investment in international institutions reinforces U.S. leadership while preserving our role in a changing world. U.S. participation in international financial institutions, like the International Monetary Fund, multilateral development banks, and sector specific trust funds, helps stabilize communities and lessen the impacts of climate change while improving the lives of millions.
The World Bank aims to commit, on average, over one-third of Bank Group financing to climate, with at least half of that finance supporting adaptation. This is especially crucial in South Asia, the second-largest recipient of concessional financing after Sub-Saharan Africa, where monsoons are becoming stronger and less predictable.
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