Development Banks Review $4B Africa Co-Financing Push
The African Development Bank Group and Islamic Development Bank Group reviewed progress on a shared co-financing target for African member countries.
Updated on Nov. 1, 2026 in Financial Services
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Leaders of the African Development Bank Group and Islamic Development Bank Group held talks in Jeddah on progress toward a $4 billion co-financing target under their 2024-2029 Cooperation Framework. Approved operations total $2.65 billion, or 66 percent of the target.
Why it matters
The talks show the two institutions tracking delivery against a multi-year funding commitment covering 27 African member countries. Their progress comes as African leaders seek to mobilise more domestic and external capital for development financing.
Approved co-financing operations total USD 2.65 billion, representing 66 percent of the USD 4 billion target set for sovereign and non-sovereign operations across 27 African member countries. The source does not specify how the remaining balance will be allocated.
The players
African Development Bank Group
A multilateral development finance institution that supports economic and social development across African countries through lending, grants and technical assistance.
Islamic Development Bank Group
A multilateral development finance institution owned by member countries that finances projects and provides development assistance in Muslim-majority and other member countries, and is a member of the Arab Coordination Group.
The details
The leaders met at the Islamic Development Bank Group headquarters and held a fireside chat to discuss cooperation and ways to enhance impact. Dr Ould Tah expressed confidence that the two groups could pursue more ambitious co-financing targets.
Timeline
January 2026: Joint Declaration signed between the Bank Group and the Arab Coordination Group
February 2026: New African Financial Architecture for Development (NAFAD) adopted by African heads of state in Addis Ababa
April 2026: Abidjan Consensus adopted by leaders of the African financial ecosystem
May 2026: African Development Bank board approved NAFAD at its annual meetings in Brazzaville
2024-2029: Cooperation Framework period with the $4 billion co-financing target
Financial Architecture
The co-financing talks are an operational step under NAFAD, which the African Development Bank board approved in May, and the Abidjan Consensus, adopted in April to mobilise domestic savings against an estimated $400 billion annual funding gap. Together they frame the partnership as part of a broader shift toward African-led financing.
For businesses and governments in African member countries, the co-financing framework signals where development finance is being directed, which can shape access to project funding. The source does not detail specific eligibility or application processes for affected readers.
The takeaway
Multilateral development finance increasingly depends on pooling capital across institutions and mobilising domestic savings, as the Abidjan Consensus targets. Tracking how the remaining co-financing balance is deployed will show whether the 2024-2029 framework meets its goal.
Further reading
Explore more on Financial Services to see how multilateral lenders structure cross-border development funding.
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