The WSJ reports:
The richest nations recognized that the poorest continent can best help itself by unleashing investment and opening up to the private sector. The final aid numbers from Heiligendamm aren't as headline-grabbing as from the G-8 Gleneagles summit in 2005, but the strategy is far better suited to helping Africa out of poverty...The new aid is conditional on improved governance, i.e. less corruption, more respect for human rights, freer trade and openness to capital. The G-8's vision is spelled out in a communiqué on "Growth and Responsibility in Africa(pdf)," focused on spurring investment and business.
Take, for example, the Making Finance Work for Africa program, initiated by the World Bank and endorsed by the G-8. Under this initiative, G-8 countries will help national governments and regional organizations such as the African Union and the New Partnership for African Development to fund small loans, provide training for central bankers, reduce transaction costs for workers abroad who send remittances to families at home, and guarantee home-mortgage loans. None of this is big-ticket development assistance, but that's the point. Financial services help people help themselves to start businesses, buy homes and develop their economies.
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