Placement of default libraries in ARM GNU toolchain

I have recently installed ARM embedded toolchain (gcc-arm-11.2-2022.02-mingw-w64-i686-arm-none-eabi.exe) from here. After the installation I can see that two very similar sets of libraries are placed in c:\Program Files (x86)\Arm GNU Toolchain arm-none-eabi\11.2 2022.02\lib\gcc\arm-none-eabi\11.2.1\ and in c:\Program Files (x86)\Arm GNU Toolchain arm-none-eabi\11.2 2022.02\arm-none-eabi\lib\ folders. Both paths are listed in LIBRARY_PATH when invoking arm-none-eabi-gcc.exe -v. Can someone explain why there are two sets of library files and what they are used for?