The term "multi-year" refers to something that covers or lasts for more than one year. It can be used in various contexts, such as a multi-year plan, which is a strategy or project that spans over several years and has specific goals and objectives to achieve within that time frame. In finance, it could refer to a bond with a maturity period of more than one year, or an investment that is expected to yield returns over multiple years. The term can also be used in reference to weather patterns, where a multi-year drought refers to a prolonged dry spell lasting for several consecutive years.