• The African Development Bank secured $11 billion in pledges to replenish the African Development Fund.
• The amount rose from the previous cycle but fell well short of the $25 billion target after a U.S. withdrawal.
• African countries increased contributions, while new pledges came from BADEA and the OPEC Fund.

The African Development Bank announced on Tuesday, December 16, 2025, that it mobilized $11 billion to replenish its fund for low-income African countries. The amount increased compared with the previous cycle but remained far below the initial objective set before the U.S. withdrawal.

Donors made the commitments at the end of a two-day pledging conference in London. The conference focused on replenishing the African Development Fund, the AfDB’s concessional arm. The fund provides highly concessional loans and grants to the continent’s most vulnerable economies.

During the previous cycle in 2022, the fund raised $8.9 billion. AfDB officials initially targeted $25 billion for the current replenishment. The withdrawal of U.S. support weakened the fundraising momentum.

“In one of the most challenging global environments for development finance, our partners chose ambition over retrenchment,” AfDB President Sidi Ould Tah said in a statement.

The bank did not specify whether the United States made any commitments during the meeting. Washington also issued no public comment.

In May, the U.S. administration withdrew a $197 million funding tranche. The decision increased uncertainty over future U.S. contributions. The United States historically ranked among the fund’s main donors, with an estimated 6% to 7% share in previous cycles.

In response to the U.S. pullback, several African countries increased participation. Nineteen African states, including Kenya, Zambia, and Côte d’Ivoire, contributed to the fund for the first time. African member countries pledged a total of $182.7 million, according to the AfDB.

The conference gathered 43 partners and operated under co-hosting by the United Kingdom and Ghana. Major commitments included $800 million from the Arab Bank for Economic Development in Africa and $2 billion from the OPEC Fund for International Development.

The African Development Fund launched operations in 1972. The fund has financed $45 billion in projects across 37 African countries. These projects covered irrigation, roads, and electricity. Unlike the AfDB’s ordinary capital window, the fund offers financing at very low or zero interest rates with maturities exceeding 20 years.

The fund’s role has strengthened in recent years. High debt levels, shrinking international aid, and tighter global financial conditions have limited African countries’ access to financing.

Analysts warn that a prolonged shortfall in concessional financing could increase pressure on local banking systems. Governments could rely more heavily on higher-cost domestic borrowing to fund infrastructure and social spending.

To offset the U.S. pullback, the AfDB is exploring alternative options. The bank is considering expanding its donor base, revising its charter to raise up to $5 billion per cycle on capital markets, and increasing engagement with philanthropic foundations.

Fiacre E. Kakpo