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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 been supporting the most vulnerable African countries since 1972 thanks to financing on very favorable terms. In over fifty years of activity, it has become an essential instrument for accompanying 37 low-income countries (nearly half of which are in fragile situations or emerging from crisis) in their economic and social development trajectory.
Since its creation, the ADF has invested more than 60 billion dollars to finance nearly 3,000 projects. Its interventions cover a wide range of sectors, depending on country priorities : transport and energy infrastructure, agricultural development, financial inclusion, governance, training and employment, access to water and sanitation, or adaptation to climate change.
As the 17th Replenishment of the African Development Fund (ADF-17), which will conclude this coming December 15 and 16 in London, is taking place, the needs expressed by beneficiary countries have reached 25 billion dollars. In a context of budgetary tensions among major traditional donors, a major question arises : will international mobilization be sufficient to address the stakes ?
Countries eligible for the ADF face a combination of structural challenges : increased vulnerability to climate change, rapid population growth, high debt levels, persistent inequalities, recurrent conflicts, and massive needs 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 and those in fragile situations. It provides financial assistance in the form of grants, concessional loans, guarantees and project preparatory financing, as well as technical assistance aimed at strengthening the capacities of beneficiary institutions, depending on the economic and fiscal profile of each country.
Access to ADF financing is governed by a method combining the assessment of policy, project, and public institution performance and criteria related to the country’s structural needs (income per capita, population, infrastructure…). A specific mechanism is also provided for fragile states through the Transition Support Facility.
In a context of growing tensions regarding sovereign debt sustainability, the ADF adjusts the structure of its financing based on the repayment capacity of beneficiary countries. The classification, updated regularly, is based on the joint IMF-World Bank framework for debt sustainability analysis, where countries at high risk of debt distress will receive exclusively grants, those at moderate risk will have access to mixed grant/loan financing, and those at low risk will benefit from loans only, but on very preferential terms.
All these criteria allow allocations to be directed towards countries where resources will have the most structuring effect, while guaranteeing a minimum allocation to all eligible countries so as not to exclude those with still limited institutional capacities.
The ADF’s interventions are structured around the AfDB’s five major strategic priorities, the High 5s, which outline the objectives of the African Union’s Agenda 2063 and the UN Sustainable Development Goals :
These axes structure the bulk of financed projects, in close connection with the national priorities of beneficiary countries.
Since its creation, the ADF has financed nearly 3,000 projects for a cumulative volume of more than 60 billion dollars.
The results obtained over the 2015-2024 period alone testify to its decisive role in the development of the continent’s most vulnerable countries. The Fund has enabled more than 18 million people to access electricity, contributed to strengthening food security for 92 million people, supported access to finance for 580,000 companies, and improved transport infrastructure benefiting 87 million people. Its investments have also allowed for expanding water infrastructure for 48 million beneficiaries and improving sanitation services for 19 million people.
Under the ADF-16 cycle (2023-2025), the Fund strengthened its action regarding climate change adaptation : 20 million smallholders gained access to resilient agricultural technologies, 1 million hectares of degraded land were restored, and 9.5 million people benefited from access to renewable energy. In 2023, 55% of ADF financing was dedicated to climate, including 53% for adaptation, reflecting the Fund’s alignment with country priorities.
A significant portion of resources is also dedicated to regional projects, notably through the Regional Operations Envelope which has already mobilized 9 billion dollars for multinational projects. Among the emblematic projects are the Tanzania-Burundi railway line, the Trans-Gambia Corridor, or water infrastructure programs in CAR and DRC.
Since 1972, ADF donors have replenished its resources 16 times, for a cumulative amount of 45 billion dollars. During the ADF-16 cycle (2023–2025), African countries such as Algeria, Morocco, or South Africa contributed financially to the Fund for the first time. This cycle also introduced a dedicated climate envelope of 429 million dollars, strengthening the ADF’s capacity to finance adaptation and resilience to environmental shocks. Finally, the use of concessional sovereign loans (notably from France and Japan) has broadened funding sources by diversifying support modalities.
For the ADF-17 period (2026–2028), expressed needshave reached25 billion dollars. These resources must allow for supporting climate resilience and accompanying fragile states. In order to sustainably broaden its financial base, the ADF Board of Governors approved an ambitious reform authorizing the Fund to raise non-concessional financing on international markets. This reform is expected to mobilize up to 27 billion dollars more over fifteen years, subject to its adoption by 75% of voting members. France has expressed its support and submitted alaw to this effect.
In this dynamic, the ADF-17 cycle aims to strengthen the Fund’s impact around five strategic priorities : intensifying climate action by accelerating investments in renewable energies, climate-smart agriculture, and resilient infrastructure, notably via the Desert to Power initiative which aims to deploy 10,000 MW of solar energy benefiting 250 million people ; deepening regional integration through the development of cross-border infrastructure ; strengthening human capital by developing education, health, and job creation, particularly for women and youth ; improving governance and debt sustainability through strengthened support for public finance management ; and stimulating private sector development in low-income countries.
The ADF-17 replenishment thus appears essential to maintain this momentum, even as donors must deal with a context marked by geopolitical tensions, budgetary constraints, multiple crises, and growing competition between multilateral mechanisms. It constitutes a decisive signal to support proven, sustainable solutions adapted to the needs of the most vulnerable African countries.
A member of the ADF since 1978, France is its 3rd historic contributor. During the ADF-16 cycle, it was the 2nd largest contributor with 560 million euros committed over three years. It holds 5.33% of the voting rights.
The French Treasury mandated the firm Pluricité to evaluate the impact of its contribution between 2017 and 2022. The evaluation highlights :
Over this same period, the French contribution reportedly helped support about 1.54 million people : 696,000 during the ADF-14 cycle (2017–2019) and 848,000 during ADF-15 (2020–2022). While several major donors are sharply reducing their development aid, French engagement plays a key role in maintaining the ADF’s level of ambition and preserving its capacity for action. The draft finance bill for 2026 nevertheless forecasts a reduction of more than 50% of the French contribution.
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
