Yeah, I agree - corruption is one of the biggest problems when it comes to factors which are preventing countries from advancing. There are many scholars who are arguing to end any foreign aid by governments, since most of it will never reach the people it was intended for. If I recall it correctly, I read somewhere that private institutions like the Bill and Melinda Gates Foundation are way more effective when it comes to actual help and change of people's lives.
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I think that strongly depends on the country and project you're looking at. Sometimes, "help" is a synonym for buying access to resources via corruption. And yes, private institutions are doing that as well - maybe even more open than states. The oil companies have their reputation for a reason.
And sometimes it's really help. You mentioned the Gates Foundation, which is a good example for an altruistic private institution. But than there's also the public funded programmes of the UN, or single countries' initiatives. E.g., the Republic of Austria funded the construction of water power plants in Bhutan, whithout expecting anything back (my father was involved in the project as an engineer).