Transnational Multistakeholder Partnerships as Vessels to Finance Development: Navigating the Accountability Waters

Partnerships have long been presented as transformative and effective mechanisms to overcome challenges linked to the global governance of development. The 2030 Agenda for Sustainable Development and SDG 17 call for intensified involvement and engagement of partnerships in sustainable development, formalizing a role specifically for multi‐stakeholder partnerships (MSPs). In this context, transnational MSPs that enmesh public and private to finance development, continue to flourish as a hybrid model of governance. This paper seeks to critically assess the accountability issues linked to channelling development financing through transnational MSPs using an accountability matrix, based on responsibility, answerability and enforceability, applicable to the system‐level development cooperation/aid frameworks as well as to MSPs. The article then evaluates the accountability challenges and shortcomings arising from MSPs as development financing actors resulting in diffused responsibility, limited answerability and weak enforceability. Finally, the article outlines a research agenda and Policy recommendations to improve the accountability of MSPs when they finance development.