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Despite the evolution of foreign aid strategies, the approach based on model transfer from a donor country to a recipient remains disappointing. We want to explain this (mal)functioning through a cross-analysis of the power games from the donor to the recipient, focusing on two development models implemented in Madagascar (Payment for Environmental Services – PES – and decentralization). Indeed, if the aid is still active, it means that some of the stakeholders know how to take advantage of it. We would like to identify these stakeholders and the way they misappropriate foreign aid, while maintaining the conditions of its sustainability. To reach our goal, we introduce a typology of stakeholders and their strategies, which leads to a better understanding of the side effects of foreign aid and the obstacles to its re-assessment.