Foreign Aid Effect On Economic Development Of Developing Countries

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Foreign Aid Effect on Economic Development of Developing Countries
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Capital is the most crucial contributor to economic development among nations. The
main agenda and vision of developing countries is to record significant economic growth
annually (Ekanayake & Chatrna, 2018). However, inadequate capital limits the ability of fast
development in developing nations. Developed countries aim to promote equality in
worldwide economic growth and ensure the provision of Aids to low revenue-generated
countries (Teixeira et al., 2019). Foreign aid considered as support from high-income
countries to less developed countries in terms of grants, loans, humanitarian assistance, and
technical support significantly is purported to boost the receipted nation’s development
capital.
The provision of foreign aid encompasses a wide array of resources, including grants,
concessional loans, humanitarian assistance, and knowledge transfer. According to Teixeira
et al. (2019), developing nations, often grappling with insufficient domestic capital and
resources, rely on foreign aid to bridge the financial gap and facilitate their development
agendas. Foreign Aid supplements the country’s revenue for effective economic development.
It catalyzes infrastructure development, healthcare improvement, education enhancement,
and poverty alleviation. By injecting financial resources and technical expertise into recipient
cou …
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