What is meant by foreign aid?
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money, food, or other resources given or lent by one country to another.
"the hundreds of millions of pounds of foreign aid are desperately needed"
"the hundreds of millions of pounds of foreign aid are desperately needed"
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Foreign Aid:
- Foreign aid is the monetary fund that is transacted from one source to another in the form of a loan, Grant or a Gift.
- The broader definition may also include Money transferred throughout countries by religious organisations, or NGOs such as Red Cross.
- There are various types of foreign aids namely Bilateral Aid (government to government), Multilateral Aid( Governments to International organization), Tied Aid( government to other country, however, is spent only on providing support to donor country).
- For example the IMF the world bank and UNICEF provide significant amount to NGO's in assistance activities. Some developed countries provide foreign aid to enhance their own country.
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