NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The African Development Fund is pursuing its most radical transformation since 1974: access to global capital markets.

Currently prohibited by its charter from borrowing, the ADF aims to raise $5 billion every three years in “patient capital” to support Africa’s lowest-income economies. But time is tight—it must secure 75% shareholder approval by December 2025 to amend its rules.