Final answer:
Multilateral aid is financial support provided by multiple countries or organizations for humanitarian or development purposes, often through international institutions to address global challenges and contribute to initiatives like the MDGs and SDGs.
Step-by-step explanation:
The term 'multilateral aid' refers to financial assistance provided jointly by multiple countries or international organizations. It is designed to support large-scale humanitarian or development projects and address global challenges. This type of aid typically involves contributions to international institutions like the World Bank or the United Nations, which then allocate the funds to various projects across the world. For example, multilateral aid plays a significant role in achieving the Millennium Development Goals (MDGs) and Sustainable Development Goals (SDGs), which include targets such as reducing poverty and improving health and education. The delivery of multilateral aid is deemed responsive and effective, drawing upon the resources and expertise of multiple donor nations and organizations, thereby benefiting a wider set of recipients and fostering a spirit of international cooperation.