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Published 12 December 2025 in Analysis
The African Development Fund (ADF), the concessional window of the African Development Bank Group (AfDB), has supported the most vulnerable African countries since 1972 by providing financing on highly concessional terms. Over more than fifty years of operation, it has become a cornerstone instrument for supporting the economic and social development of 37 low-income countries, nearly half of which are classified as fragile or emerging from crisis.
Since its establishment, the ADF has invested more than USD 60 billion in close to 3,000 projects. Its interventions span a wide range of sectors, aligned with national priorities : transport and energy infrastructure, agricultural development, financial inclusion, governance, education and employment, access to water and sanitation, and climate change adaptation.
As the 17th replenishment of the African Development Fund (ADF-17), held on 15-16 December 2025 in London, draws to a close, expressed financing needs from beneficiary countries have reached USD 25 billion. In a context of mounting budgetary pressures among traditional donors, a central question emerges : will international mobilization be sufficient to meet the challenges ?
Countries eligible for ADF support face a combination of structural challenges : heightened vulnerability to climate change, rapid population growth, high debt levels, persistent inequalities, recurrent conflicts, and substantial gaps in infrastructure and basic social services. ADF financing often constitutes an essential lever in contexts where access to capital markets remains limited or too costly.
The ADF supports the national priorities of 37 low-income African countries, including some in fragile and conflict-affected situations. It provides financial assistance in the form of grants, concessional loans, guarantees, and project preparation financing, alongside technical assistance aimed at strengthening institutional capacity, tailored to each country’s economic and fiscal profile.
Access to ADF resources is governed by an allocation system combining assessments of policy performance, project implementation, and public institutions, together with indicators of structural need (including income per capita, population size, and infrastructure deficits). A dedicated mechanism for fragile and conflict-affected states is provided through the Transition Support Facility.
In a context of heightened concerns over sovereign debt sustainability, the ADF calibrates its financing instruments according to countries’ repayment capacity. Country classifications, updated regularly, are based on the joint IMF-World Bank Debt Sustainability Analysis : countries at high risk of debt distress receive grants only ; those at moderate risk receive a blend of grants and concessional loans ; and countries at low risk access loans exclusively, albeit on highly preferential terms.
These criteria ensure that resources are channeled towards countries where they can have the greatest transformative impact, while guaranteeing a minimum allocation to all eligible countries so as not to exclude those with more limited institutional capacity.
ADF operations are structured around the AfDB’s five strategic priorities (the High 5s) which align with the African Union’s Agenda 2063 and the UN Sustainable Development Goals :
These priorities underpin the majority of ADF-financed projects, in close alignment with beneficiary countries’ national development strategies.
Since its inception, the ADF has financed nearly 3,000 projects, amounting to over USD 60 billion in cumulative investments.
Results achieved over the 2015–2024 period alone illustrate its pivotal role in supporting the continent’s most vulnerable countries. ADF interventions enabled more than 18 million people to gain access to electricity, improved food security for 92 million people, facilitated access to finance for 580,000 enterprises, and upgraded transport infrastructure benefiting 87 million people. Investments also expanded access to water services for 48 million people and improved sanitation for 19 million.
Under the ADF-16 cycle (2023–2025), the Fund significantly strengthened its focus on climate change adaptation : 20 million smallholder farmers gained access to climate-resilient agricultural technologies, 1 million hectares of degraded land were restored, and 9.5 million people benefited from renewable energy access. In 2023, 55% of ADF financing was climate-related, including 53% dedicated to adaptation, reflecting alignment with country priorities.
A substantial share of resources is also allocated to regional operations, notably through the Regional Operations Envelope, which has mobilized USD 9 billion for multinational projects. Flagship initiatives include the Tanzania–Burundi railway line, the Trans-Gambia Corridor, and water infrastructure programs in the Central African Republic and the Democratic Republic of the Congo.
Since 1972, ADF donors have replenished the Fund’s resources 16 times, contributing a cumulative total of USD 45 billion. During the ADF-16 cycle (2023–2025), some African countries (including Algeria, Morocco, and South Africa) made financial contributions for the first time. This cycle also introduced a dedicated climate envelope of USD 429 million, enhancing the ADF’s capacity to finance climate adaptation and resilience. In addition, the use of concessional sovereign loans (particularly from France and Japan) has diversified funding sources and broadened support modalities.
For the ADF-17 period (2026–2028), expressed needs have reached USD 25 billion. These resources are essential to strengthening climate resilience and supporting fragile and conflict-affected states. To sustainably expand its financial capacity, the ADF Board of Governors approved a landmark reform authorizing the Fund to raise non-concessional financing on international capital markets. Subject to approval by 75% of voting members, this reform could mobilize up to USD 27 billion over fifteen years. France has expressed its support and submitted enabling legislation to this effect.
Against this backdrop, the ADF-17 cycle aims to enhance impact across five strategic priorities : intensifying climate action through accelerated investments in renewable energy, climate-smart agriculture, and resilient infrastructure - particularly via the Desert to Power initiative, which targets the deployment of 10,000 MW of solar capacity for 250 million people ; deepening regional integration through cross-border infrastructure ; strengthening human capital through investments in education, health, and job creation, especially for women and youth ; improving governance and debt sustainability through reinforced public financial management ; and stimulating private sector development in low-income countries.
The ADF-17 replenishment is therefore critical to sustaining this momentum, at a time when donors face geopolitical tensions, fiscal constraints, multiple global crises, and increased competition among multilateral financing mechanisms. It sends a strong signal in support of proven, sustainable solutions tailored to the needs of Africa’s most vulnerable countries.
A member of the ADF since 1978, France is the Fund’s third-largest historical contributor. During the ADF-16 cycle, it ranked as the second-largest contributor, committing EUR 560 million over three years, and currently holds 5.33% of voting rights.
The French Treasury commissioned the firm Pluricité to evaluate the impact of France’s contribution between 2017 and 2022. The evaluation highlights :
Over the same period, France’s contribution is estimated to have supported approximately 1.54 million people : 696,000 during ADF-14 (2017-2019) and 848,000 during ADF-15 (2020-2022). At a time when several major donors are sharply reducing official development assistance, France’s engagement remains critical to sustaining the ADF’s ambition and operational capacity. However, the draft 2026 finance bill forecasts a reduction of more than 50% in France’s contribution.
The 17th replenishment of the African Development Fund (ADF-17) successfully mobilized a record USD 11 billion from 43 partners, covering a substantial share of the estimated USD 25 billion in financing needs. In total, 23 African countries collectively committed USD 182.7 million, with 19 countries contributing for the first time. This mobilization was also marked by strong engagement from several Arab countries through co-financing mechanisms.
A major milestone was also reached with the authorization granted to the ADF to access international capital markets, opening new avenues to mobilize private capital and finance large-scale, transformative projects.
Devex news on the FAD
Evaluation of France’s Contributions to the African Development Fund (February 2023 - in French)
ADF-16 Delivery and Results Report (October 2025)
Devex news on the FAD
