In 2006, the most recent year for which data are available, net private resource flows to the developing world from US citizens and companies exceeded $130bn, more than the sum of ODA from all OECD members combined. These flows included capital investments and credits of $62bn, remittances of $41bn, and private charitable giving of $30bn. When added to US ODA of $21.75bn in 2007, these resources represent more than 1% of US GDP.There is therefore a huge imperative to harness that private giving for the good. But as he says "the effectiveness of aid is as important as its volume".
Monday, 19 May 2008
Robert Tuttle, US Ambassador to the UK, wrote a great letter to the Guardian a while back; this is the most important bit: