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In this paper, we compare effective aid allocation with two normative allocations aimed at optimally reducing poverty: one based on efficiency and selectivity (Collier and Dollar, 2001) and another based on equality of opportunity (Cogneau and Naudet, 2007). Over the 1996-2004 period, effective aid allocation is shown to be more correlated with an equal-opportunity allocation. Econometric analysis of the respective influence of determinants characterizing the two optimal allocations confirms that effective aid allocation is closer to the one based on equality of opportunity, even though some differences appear between donors when examined separately.