Every year, states and international organizations (IOs) provide somewhere between $120 and $170 billion in official development finance (ODF) to recipient countries. IOs are typically responsible for about one-third of global ODF, with sovereign governments providing the remainder.1 The fact that IO development finance comes from many countries acting jointly distinguishes it from bilateral development finance. IOs typically aggregate the preferences and resources of multiple member states in the pursuit of a collective policy among their own ranks and toward other countries.This means that development finance from international organizations represents a distinct institutional form of aid-giving and lending that stands apart from bilateral financing. The multilateral nature of IO development finance -requiring member governments to negotiate and agree upon shared policies -may alter the underlying politics and motivations driving multilateral aid as compared to bilateral aid. But is assistance from international organizations actually different in its causes and consequences? Does divergence in institutional form lead to differences in content and function? Are the underlying motivations of IOs truly distinct from their bilateral counterparts? Does IO development finance have different effects on recipients?2 And how are new governance arrangements For existing empirical studies that compare the effectiveness of bilateral and multilateral development finance, see Ram (2003, 2004), Headey (2008, Reddy (2007, 2010), Alvi and Aberra (2012), and Kizhakethalackal et al. (2013). Gulrajani (2016) provides a useful review of the literature on the distinctive features of multilateral development finance and how it has changed over the past decade.