'Official development assistance is defined as those flows to countries and territories on DAC list of ODA recipients and to multilateral development institutions which are: i) provided by official agencies, including state and local governments, or by their executive agencies; and ii) each transaction of which: a) is administered with the promotion of the economic development and welfare of developing countries as its main objective; and b) is concessional in character and conveys a grant element of at least 25 per cent (calculated at a rate of discount of 10 per cent). The terminology 'Net' indicates gross disbursements minus amounts received. All 53 african countries are included in the DAC list of ODA recipients. The grant element in the ODA definition is a mathematical assessment of the financial terms of a transaction or set of transactions. It is the difference between the face value of a loan and the present value (calculated at a rate of discount of 10 per cent) of the service payments the borrower will make over the lifetime of the loan, expressed as a percentage of the face value. These are net flows from multilateral donors. Source :OECD, DAC Online Database. Data are in current U.S. dollars..