Foundations and Private Actors

Abstract

While Official Development Assistance (ODA) comprised the majority of resource flows in international development during much of the twentieth century, today private money, composed of philanthropy, remittances, and investment, significantly surpasses ODA. Additionally, with increased remittances, a more skilled labor force, open markets, and rise of communication technology, the developing world has changed. Private actors in developing countries are taking on a larger role in the assistance process. These private flows have transformed the way foreign aid is delivered: the private sector, with more flexibility and higher risk tolerance, is more likely to fund programs that government aid may not. This paradigm shift offers a great opportunity to reinvent official aid, allowing the aid community to focus on results, demand-driven development, transparency, and sustainability. This chapter covers the value of private flows, the actors involved, future developments in private-sector involvement in foreign assistance, and the impact of private flows on the development landscape.

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