This chapter empirically analyzes how portfolios of external finance impact aid agreements. The chapter integrates data on external debt and foreign aid to establish a comprehensive picture of developing countries' portfolios of external finance, demonstrating that these have become less reliant on traditional donors over time. The analysis tests if a greater share of finance from Chinese or private sources is associated with favorable terms from traditional donors, using measures of aid volume, infrastructure project share, and conditions attached to World Bank projects. The findings indicate that as countries draw a greater share of their external finance from nontraditional sources, they are more likely to receive aid on preferred terms. The relationship is stronger for countries of strategic significance to donors and, especially, those with higher donor trust.