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Adequate development strategies and policies to be applied in the developing countries to eradicate poverty have been on trial with no effect ever since the era of structural adjustment programs. The state of underdevelopment of most African countries and many developing countries can be accounted to a variety of factors, many of which are those supposed to bring about remedy. The paper examines, the nature, the relevance of foreign aid given to developing countries and assesses level of influence of other alternatives to development available for the continent. Foreign Aid has been contracted for development projects’ support, supplementing national budget, debt relief, aid to attain the set Millennium Development Goals
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