AfDB’s Global Transparency Lead Opens Africa’s Infrastructure Projects to Investor Scrutiny

Global development institutions recorded a decline in transparency scores in 2026. The average for organisations assessed in both editions fell from 62.7 in 2024 to 62.1.

The African Development Bank’s sovereign portfolio retained first place in the November 4 ranking, ahead of the Inter-American Development Bank and the World Bank’s International Development Association, which each scored 97.1. 

The assessment covered 35 indicators, including financial disclosures and project reporting. The Bank publishes its portfolio data monthly, with transactions made public within one month. Its records also include appraisal documents, supervision reports and implementation updates. 

The disclosures are particularly relevant as African governments face growing debt repayments and development banks seek more funding from capital markets.

Investors can review the financing and progress of sovereign infrastructure projects, including delays and changes to approved plans. The ranking establishes the availability of this information, rather than the financial performance of the projects themselves.

AfDB Project Disclosures Give Investors Greater Financing Visibility

The African Development Bank scored 25 out of 25 for finance and budgets in the 2026 Aid Transparency Index. Public records include funding commitments, annual budgets, disbursements and expenditure. The institution also earned 20 out of 20 for performance reporting, covering project results and evaluations. 

In The Gambia, a June 2026 supervision report showed that the Vulnerable Youth and Women Support Project had disbursed just 38.04% of its 5 million units of account in financing. Financial management was rated unsatisfactory, with procurement delays and outstanding documentation requiring corrective action. 

The latest infrastructure indicators show further gaps. MapAfrica lists 12.85 million people under its improved-water-access measure, against a target of 110 million by 2033.

The indicator is marked off track. Electricity, transport and sanitation projects are also assessed against their targets, giving investors access to performance data alongside financing records. 

African Infrastructure Projects Face Greater Implementation Scrutiny

The average time from project concept to first disbursement rose from 24 months in 2024 to 28 months in 2025, according to the African Development Bank’s 2026 Annual Development Effectiveness Review.

About 30% of projects encountered implementation problems, including procurement delays, weak technical designs and unmet financing conditions. 

In Côte d’Ivoire, the PROSER I electrification project had disbursed only 55.52% of its €62.35 million financing commitment, according to an April 2026 assessment.

Electrical works were nearly complete by December 2025, but connections lagged. Just 206 of 1,100 planned mills had been installed, and the project deadline was extended to December 2026. 

Tanzania’s $3.85 billion portfolio covered 29 active operations, with 39% disbursed by September. An October review showed that projects facing implementation problems had declined from more than 40% in March to 26%. 

Procurement issues affecting Kakono Hydropower and Msalato International Airport had eased, although delayed government contributions and lengthy approval procedures continued to affect construction schedules. 

Development Finance Transparency Reshapes African Investment Assessments

The World Bank’s 2025 International Debt Report found that 30 sub-Saharan African countries published accessible public debt data in 2024, compared with 19 in 2020.

Reporting requirements scheduled for 2026 extend to collateral arrangements and restructuring terms, exposing more details of government borrowing obligations.

A May 2026 International Monetary Fund assessment of 39 African economies found that capital spending regularly fell below budget between 2021 and 2024.

Governments also underestimated interest payments, while delayed grants affected planned expenditure. The Fund’s fiscal transparency framework covers liabilities from public-private partnerships and state-owned enterprises. 

Africa’s infrastructure financing costs remain substantially higher than those in developed markets. The OECD estimated the continent’s cost of capital at 13%, against 8% in advanced economies.

Guarantees accounted for 45% of nearly $57 billion in private infrastructure investment mobilised through development finance between 2013 and 2023. 

The International Finance Corporation reported $8.56 billion in private capital mobilised across African industries in fiscal 2026. The funding reflects continued investor participation, but available figures do not establish whether greater transparency has reduced borrowing costs or directly attracted additional capital. 

African Project Financing Faces Its Delivery Test

Kenya’s Thwake Dam was about 90% complete in June 2026, after approval of €68.39 million in additional financing. Contractors resumed work in August, but an October 21 update showed that the first disbursement was still pending.

The government plans to begin filling the reservoir in January 2027, while funding for water distribution, irrigation and power facilities remains outstanding. 

Morocco secured a €270 million loan in September to expand airports in Marrakech, Agadir, Tangier and Fez. The programme aims to raise annual passenger capacity to 14 million in Marrakech and five million in Agadir by 2030. The National Airports Office is responsible for construction and equipment upgrades.

The 830-kilometre Zambia–Lobito Railway has yet to secure its full construction financing. Africa Finance Corporation selected Webuild, Mota-Engil and IC İçtaş as preferred contractors for the Zambian section on October 27.

Contract negotiations are scheduled for November, with financial close targeted for the fourth quarter of 2027. Debt and equity commitments remain outstanding before construction can proceed.