The African Development Fund, the concessional window of the African Development Bank Group, has raised a record $11 billion from 43 partners under its 17th replenishment (ADF-17)—the largest ever. Achieved amid global budget pressures, the outcome is a watershed: +23% versus ADF-16, first-ever pledges from 23 African countries ($182.7m), and a shift from aid to investment, using risk-sharing to crowd in private capital. According to Sidi Ould Tah, Africa is now a co-investor in its future.
