Official Development Assistance (ODA) keeps undergoing disconcerting changes: there is no shortage of either self-refuting principles or operational contradictions. These inconsistencies nonetheless have an underneath logic which this paper tries to analyze. In addition, it sheds light on major trends and organizing principles that emerge from the complexities of ODA. In this vein, eight propositions are presented as keys for interpreting current trends in ODA and the risks and opportunities that they present.