Innovation in Development Finance
More than four decades ago, the world’s wealthiest countries pledged that at least 0.7% of their GDPs would be devoted to official development assistance. Although fewer than a half-dozen countries have met this goal, new financing schemes could close the gap between promises and reality.
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ROME – More than four decades ago, the world’s wealthiest countries pledged that at least 0.7% of their GDP would be devoted to official development assistance (ODA). But fewer than a half-dozen countries have actually met this goal. In fact, ODA disbursements have not been stable, reliable, or reflective of need, and doubts about their effectiveness linger.