Developing countries need to shift from aid to investment

Editor, Whereas aid used properly can help countries transform and create jobs for their own people, experience shows that in several places, there is hardly anything tangible to show for the aid that over the years, amounts to billions of dollars.
Insurance Plaza in Kigali. The City skyline is buzzing with new investments in real estate. Aid used well can help facilitate investments.  The New Times / File.
Insurance Plaza in Kigali. The City skyline is buzzing with new investments in real estate. Aid used well can help facilitate investments. The New Times / File.

Editor,

Whereas aid used properly can help countries transform and create jobs for their own people, experience shows that in several places, there is hardly anything tangible to show for the aid that over the years, amounts to billions of dollars.

There have been reports of embezzlement of the aid, and even money returning to the donor countries through various channels.

African countries whose budgets are largely donor funded, should begin to ask themselves what would happen if the aid is cut off. Furthermore, the global economic crises have seen donor countries slash their spending, including aid.

Developing nations need to shift from relying on aid, to promoting investment. This is the best way to transform lives of ordinary people as well as make a big difference in terms of growth of third world economies.

Umar Mazimpaka
Kimironko

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