News

Lending institutions are not giving up on Africa

30 March 2010

Lending institutions are not giving up on Africa despite decades of abuse of aid flows and concerns over whether aid even works as a tool to improve growth and alleviate poverty.

Over the past 60 years, at least $1trillion (US) of development-related aid has been transferred from rich countries to Africa.  Still, Zambian-born economist Dambisa Moyo, the author of Dead Aid, notes that real per-capita income today is lower than it was in the 1970s, and over 50% of the continent’s population “” more than 350m people “” live on less than a dollar a day .

Numbers like this have not stopped Europe from aggressively trying to boost development.

Read more at the Financial Mail.