Various commentators often contrapose emerging development donors to the traditional ones on a number of factors including aid effectiveness. While such distinction can be productive for analyzing development assistance at a global level, it might bring less value when considering development aid milieu at a local level. In this article the author considersthe case of Kyrgyzstan and its main aid donors based on select criteria set out by the Global Partnership for Effective Development Cooperation. It draws on an analysis of databases, official documents, open sources including media and the country’s National Sustainable Development Strategy for 2013–2017. It concludes that traditional and emerging donors do not represent homogeneous groups; for Kyrgyzstan, differences within the group can be as significant as differences among the groups. Moreover, the analysis does not support the notion that assistance from traditional donors has greater effectiveness. On some parameters including alignment emerging donors’ assistance can be more effective. Nonetheless, serious gaps between the two groups remain in terms of transparency, mutual accountability and harmonization. The author also explores the stronger bargaining positions of aid recipient in their interactions with donors due to the increased diversity of sources of assistance, focusing on this trend in Kyrgyzstan. Given Kyrgyzstan’s position as a priority for Russia’s assistance and Russia’s rapidly increasing levels of support, the author also addresses the case of Russian-Kyrgyz Development Fundin detail.