The White House official told reporters that the funding was aimed at bolstering democratic renewal around the globe.
The money comes on top of $400 million that the Biden administration promised to its allies during the first Summit for Democracy in December 2021.
Biden will co-host the two-day virtual summit together with the South Korean, Dutch, Zambian and Costa Rican leaders. Some 120 world leaders have been invited to participate in the event that Washington hopes will deliver a lasting framework for cooperation.