Final answer:
Richer nations have pledged to allocate 0.7% of their gross national income for development assistance to poorer nations as part of the United Nations Millennium Project to reduce global poverty.
Step-by-step explanation:
According to the pledge made by richer nations, they have agreed to allocate 0.7% of their gross national income for development assistance to poorer nations. This target was reaffirmed in 2006 as part of efforts to reach the goals set by the United Nations Millennium Project, an initiative aimed at reducing global poverty. The gross national income includes the total value of a nation's goods and services, adjusted for income received from and sent to other countries. Meeting this target is critical for aiding developing countries in overcoming challenges such as malnutrition, which averages at 17% in developing countries, and extreme poverty, characterized by living on less than $1.90 a day. Industrialized nations are expected to contribute to this development assistance in order to help alleviate these conditions and narrow the inequality gap exacerbated since the Industrial Revolution.