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This study examines equity and accountability in multipolar development finance, focusing on the role of emerging lenders in reshaping aid governance. Emerging lenders’ financing practices, aid governance structures, transparency standards, and conditionality frameworks are treated as independent variables, while equity outcomes, accountability mechanisms, recipient-country policy autonomy, and domestic institutional responsiveness constitute the dependent variables. Financing practices and governance structures are measured by aid volumes, conditionality levels, and institutional arrangements. Transparency standards are assessed through disclosure indices and reporting practices, while accountability mechanisms are measured by monitoring frameworks and recipient oversight structures. Methodologically, the study adopts a qualitative design using secondary data from multilateral databases, bilateral agreements, policy documents, and academic literature. Documentary and thematic content analysis are employed to identify patterns in governance practices, accountability structures, and equity outcomes. The study argues that although emerging lenders expand recipient bargaining space and challenge traditional aid hierarchies, gaps in transparency and coordination continue to constrain equitable and accountable outcomes in the evolving multipolar development finance system.