The African Development Fund, the concessional lending arm of the African Development Bank, has secured a record $11 billion for its 17th replenishment cycle amid mounting pressure on development budgets in many donor countries.
The ADF-17 raise, mobilized from 43 partners, including governments and multilateral development banks, this week in London, marks the largest replenishment in the fund’s history. It is a notable increase from the $8.9 billion secured under ADF-16, which was finalized in December 2022. Expectations for the latest three-year cycle had once been far higher — with the bank previously floating ambitions of reaching $25 billion — before a wave of foreign aid cuts and policy shifts, including changes in the U.S. development priorities.
Resources mobilized under ADF-17 will support 37 low-income and fragile African countries. The fund said it will focus on expanding access to energy, strengthening food systems and food security, investing in human capital, advancing regional integration and trade, and building resilient infrastructure.
About the author
Ayenat Mersie
Ayenat Mersie is a Global Development Reporter for Devex. Previously, she worked as a freelance journalist for publications such as National Geographic and Foreign Policy and as an East Africa correspondent for Reuters.
