The African Development Fund (ADF), the concessional financing arm of the African Development Bank Group, has secured a record $11 billion from 43 partners for its 17th Replenishment (ADF-17), the largest in the Fund’s history. This represents a 23% increase over the previous replenishment and underscores global confidence in Africa’s development prospects, the African Development Bank Group’s leadership, and a new development model focused on investment, risk-sharing, and scale. Dr Sidi Ould Tah, President of the African Development Bank Group, described the replenishment as a turning point, noting that partners chose ambition over retrenchment despite a challenging global financing environment.
For the first time, 23 African countries contributed to their own concessional financing window, pledging a total of $182.7 million. Nineteen countries participated for the first time, representing a five-fold increase compared to the previous cycle. Dr Ould Tah emphasized that these contributions mark a transformational shift, positioning Africa not only as a beneficiary of concessional finance but also as a co-investor in its own development.
ADF-17 introduces a new financial model for concessional resources, enabling the Fund to leverage its balance sheet through options such as Market Borrowing, deploy innovative instruments including hybrid capital, and use concessional finance strategically to absorb risk and catalyze private investment at scale. Each dollar invested through the Fund already mobilizes more than $2.50 in co-financing and private capital, a ratio expected to increase under the new model. This approach is intended to accelerate development and expand the impact of concessional finance across the continent.
The replenishment also anchors a new generation of large-scale concessional co-financing partnerships. Notable commitments include up to $800 million from the Arab Bank for Economic Development in Africa (BADEA) and up to $2 billion from the OPEC Fund for International Development. These partnerships are expected to strengthen the Fund’s capacity to deliver transformational projects in low-income and fragile African countries.
Resources mobilized under ADF-17 will target 37 low-income and fragile African nations, focusing on expanding energy access, strengthening food systems and food security, investing in human capital, advancing regional integration and trade, and building resilient infrastructure. Additional support will be provided to countries facing fragility through the Transition Support Facility.
The London pledging session, co-hosted by the United Kingdom and Ghana, concluded a year-long replenishment process amid exceptional global uncertainty. Baroness Jenny Chapman of the UK emphasized the country’s support for sustainable and inclusive growth in Africa, while Ghana’s Deputy Minister of Finance, Thomas Nyarko Amprem, highlighted the Fund’s strategic role in reducing vulnerability across the continent. Dr Ould Tah noted that ADF-17 reflects strong international confidence in the Fund’s strategic direction and Africa’s potential to deliver results at scale.
Established in 1972, the African Development Fund has provided over $45 billion in grants, concessional loans, and guarantees to Africa’s lowest-income countries. It remains a cornerstone of African-led multilateral development finance and a central instrument of the African Development Bank Group’s mission to drive inclusive and sustainable growth across the continent.
