US President Joe Biden confirmed, on Wednesday, that "there are real indications that the world is moving towards more democracy," during a virtual summit devoted to this topic.

During a virtual summit in which 121 leaders participated, Biden announced $690 million in new funding to support democracy in the world.

In a statement issued by the White House, the US President added that "democracy requires great effort" and "the task never ends."

"I think this is the defining challenge of our time, and today we can proudly say that democratic regimes in the world are getting stronger, not weaker. Authoritarian regimes in the world are getting weaker, not stronger," he said.

He added, "Thanks to the commitment of the leaders... gathered today, and the insistence of people in every region of the world to demand respect for their rights and for their voices to be heard, we see real signs that the world is moving towards more democracy."

"We are at a turning point in history when the decisions we make today will affect the course of our world for decades to come," Biden said.

"Our task is to continue to build on our progress, so that we don't start going in the wrong direction again - to keep the momentum going," he said.