Multilateral development banks play a major role in global climate and carbon financing, including in Africa. The World Bank and African Development Bank administer several funds for climate financing in Africa, such as the Clean Technology Fund, Forest Carbon Partnership Facility, and Pilot Program for Climate Resilience. While these banks have increased climate financing, some challenges remain such as long approval processes, influence of major shareholders over funding conditions, and capacity constraints in many African countries. The future of carbon markets and further climate financing opportunities in Africa will depend on outcomes of international climate negotiations.