Multi-bi aid – donor contributions to multilateral organisations earmarked for specific purposes – is an important channel for financing development, and is expected to grow. Yet multi-bi aid poses significant challenges for both multilateral and bilateral actors, including lack of alignment with recipient-country priorities, aid fragmentation, and increased transaction costs. This paper explores the potential for smart reforms of multi-bi aid. A five-step plan to improve multi-bi aid calls for better data-access and management; recovering the