Well if you wish to know why such amounts of money aren't used efficiently(and the majority isn't for free, they are just nice loans with usually only a 25-30% donation part, they include managment costs, aid to immigrants during their first year away from home as well as scholarships to students who study in the donating country, many of them not going to ever return to their land) then the main problems are these:
1. corruption.
2. countries not in need of aid do claim portions of it that's much needed elsewhere (the USA offers a considerable amount of aid to Israel, Russia and Egypt, while the EU offers more money to Poland than to Asia and Southern America combined).
3. aid that boosts exports and some of the donating countries' companies (with studies showing that blocking competition leads in a 25% extra-cost , with cases like in Mozambique where drugs were bought 50% higher than in market prices).
4. a large aid portion ,designated as technical aid (25% in 1999) is dependant on an incredibly large number of advisors from the donating coutnries. The costs and salaries of these people consume about 70% of the "technical aid" budget.
5. lack of coordination. Duplication of the same researches and projects is experienced many times, with money and time being thrown out of the window, granted tho that coordination between so many different "players" is difficult.
And this is only one side of the issue. Nevertheless, millions of people have benefited from ODA, but a lot potiental has been wasted as well.
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