Though philanthropic flows are relatively modest compared to official development assistance (ODA), their contribution is substantial in certain sectors, according to a new OECD report. For the first time, Private Philanthropy for Development uses global, comparable data to analyse how private foundations are supporting development. According to the report, private foundations provided USD 23.9 billion for development over 2013-15, corresponding to 5% of the amount given through ODA. Philanthropic flows from foundations provide substantial support to sectors such as health: in 2013-15, foundations were the third-largest source of financing for developing countries. Read more here.