Multilateral replenishments in a turbulent climate: The success of the African Development Bank

Introduction

The 2024-2025 period saw major replenishment moments for key multilateral organizations and funds, with decreasing ODA budgets and shifting political priorities, including the US withdrawal from many international fora, putting these replenishments under unprecedented pressure. The multilateral system, often heavily reliant on a small group of donors, is trying to adapt to this changing environment by exploring new financing architectures, diversifying financing sources, and combining periodic replenishments with ongoing voluntary contributions and innovative financing mechanisms.

There were, however, some success stories during this cycle of replenishments, notably the African Development Fund's record-breaking US$11 billion replenishment at the end of 2025. This article explores the outcomes of major recent replenishments, the importance of the ADF-17 replenishment moment, and considerations on the growing role of non- DAC donors in replenishments.

What are the stauses of key replenishments?

IDA21: A US$100 billion record: IDA, the concessional financing arm of the World Bank which provides low-interest loans and grants to low-income countries, secured a historic US$100 billion replenishment in December 2024 during IDA21; the largest in IDA's 63-year history, but still below the US$120 billion target. A total of US$23.7 billion was pledged by 59 countries, reaching US$100 billion when leveraged through IDA's hybrid financing model, which combines donor funding and other income with borrowing from capital markets to substantially increase available financing.

Gavi: US$9 billion, falling short of target: At its June 2025 pledging summit in Brussels, Gavi secured more than US$9 billion; falling short of its US$11.9 billion target, significantly impacted by the US government's withdrawal.

Global Fund: US$11.4 billion, falling short of target: The Global Fund's Eighth Replenishment Summit in November 2025 in Johannesburg, the first ever hosted on the African continent, secured US$11.4 billion, significantly below the US$18 billion target. The US pledged US$4.6 billion, down from its previous US$6 billion.

AfDB’s ADF: A historic US$11 billion success: ADF, the concessional financing arm of the AfDB, achieved a record-breaking US$11 billion replenishment from 43 partners during ADF-17 in December 2025, although falling short of the initial US$25 billion target. AfDB’s newly appointed president Sidi Ould Tah framed ADF-17 around a "Four Cardinal Points" development agenda:

• Mobilization of capital at scale;
• Reform of financial systems to strengthen Africa’s global agency;
• Use of the continent’s demographic dividend as a source of economic power; and
• Development of resilient infrastructure while accelerating value addition across key sectors of African economies.

23 African countries pledged US$182.7 million of contributions to their own concessional financing window; a five-fold increase from the previous replenishment, and with 19 countries contributing for the first time ever. While these contributions account for a modest share of the US$11 billion, they nonetheless signaled a structural shift, with President Ould Tah highlighting that Africa was “no longer only a beneficiary of concessional finance but a co-investor in its own future”. The ADF-17 replenishment, and AfDB’s work more generally, is closely linked to the AU’s Agenda 2063: "The Africa We Want", which sets out a strategic vision for inclusive growth, structural transformation, and sustainable development driven by African ownership and regional integration.

How are non-DAC donors contributing to replenishments?

The ADF-17 stands out as a success story, due in part to an increasingly diversified donor base. Despite the distinct ways in which many non- DAC donors engage in development cooperation, several observable trends emerge across their participation in replenishment moments:

Governance influence and global visibility often drive non- DAC participation in replenishments: Non- DAC participation in multilateral replenishments is often motivated less by economic weight and more by a desire for influence and visibility within global governance structures. Emerging donors tend to engage where they hold board representation, voting rights, or G20 membership, which provide both political access and reputational returns. India, for example, contributes to the Global Fund (US$30 million for 2026–2028) and Gavi (US$17 million for 2024–2026), a pattern aligned with its presence on both boards. Countries also engage with multilaterals to strengthen their global visibility and leadership. Saudi Arabia, for instance, has increased its IDA contributions by 983% since IDA-17 . While this only accounts for approximately 3% of overall IDA financing, it demonstrates the country’s commitment to shared global responsibility, reinforces its G20 presence, and aligns with its Vision 2030 ambitions to play a more prominent role in global development finance.

Countries are increasingly becoming investors in their own development: As seen during ADF-17, there is a growing expectation that partner countries contribute to their own development financing. In addition, Gavi's implementing countries are expected to invest a record US$3.4 billion towards their immunization programmes. South Africa's latest contribution to the Global Fund included both government and private sector components (US$36.6 million total), "exemplifying Africa's dual role as both implementer and investor".

Regional actors are increasingly shaping a multipolar finance landscape: During the ADF-17 replenishment, OPEC Fund contributed US$2 billion, while BADEA contributed US$800 million. This shifting landscape reflects a growing recognition that regional institutions often possess deeper insight into local priorities and greater willingness to manage higher-risk, longer-term projects. In launching its 2024–2033 Ten-Year Strategy, the AfDB underscored this comparative advantage, noting that the bank will “bolster knowledge of regional and country-specific dynamics to effectively address Africa’s unique challenges and opportunities, from climate resilience to economic inclusivity”. Multilaterals themselves are also increasingly engaging with regional actors, illustrated for example by the 2025 agreement between the AU and the Global Fund, which formalized cooperation to strengthen health systems, expand domestic financing, and accelerate progress toward universal health coverage.

What is the road ahead for multilaterals?

The 2024-2025 replenishment cycle has revealed both the fragility and the adaptability of the multilateral development finance system, as well as the growing importance of non- DAC participation in the multilateral system. Health funds like Gavi and the Global Fund faced significant shortfalls, while IDA achieved a record headline figure, through its hybrid financing model. The ADF was a historic replenishment with a new model of African ownership, building momentum around locally driven priorities and deeper regional cooperation, and positioning development finance as investment rather than 'aid'. Broadening the donor base beyond traditional partners reduces exposure to political cycles, while financial innovations, such as IDA’s hybrid model, can magnify the impact of limited contributions. Looking ahead, multilateralism will increasingly need to accommodate more diverse strategic priorities, including those of beneficiary countries and non- DAC countries, as well as acknowledging the power of regional institutions to define priorities, coordinate finance, and drive context-specific implementation.