Prometheus 6

Justin Muzinich and Eric Werker suggest what they're calling a "global tax credit" as a replacement for foreign aid.

A solution to both problems would be to give tax credits to American companies that invest in qualified developing countries....Using the domestic program as a template, Congress should provide a 39-cent tax credit for every dollar of American investment in developing countries. If Company X were to build a $100 million factory in Madagascar, its tax bill would be reduced by $39 million. The lost tax revenue would be offset by reducing direct foreign aid by the same amount.

They say this will solve two problem, but the first is actually a repercussion of the second.