The best replacement for foreign aid is foreign investment.

The best alternatives to foreign aid are rated as following:
★★★★★  foreign investment
★★★★  military spending
★★★  domestic spending
★★★  domestic aid
  military aid
  defense spending
  foreign trade

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Google Trends

Scale is based on the average worldwide traffic of foreign aid in all years. Click on graph for more.
foreign aid
foreign investment
military spending