The new millennium has witnessed a series of initiatives aimed at enhancing both the quality of development assistance and volume of development financing.
The 2002 Monterrey Consensus urged developed countries to make concrete efforts towards achieving the target of 0.7 per cent of Gross Domestic Product (GDP) as Official Development Assistance (ODA) to developing countries, to make aid more effective, to fully implement the Heavy Indebted Poor Countries (HIPC) debt relief initiative, and to support actions towards creating an enabling environment for domestic resource mobilisation. In the same year, G8 leaders proposed to direct at least 50 per cent of new ODA to well-governing African nations in the Kananaskis G8 Africa Action Plan. In 2005, the EU's Contribution to the Review of the MDGs set the collective EU commitment of 0.56% ODA/GNI by 2010, with at least 50% of the agreed increase of ODA resources to Africa. This fed into the 2005 Gleneagles Communique on Africa, in which G8 members made individual financing commitments that collectively, together with other donors, would lead to an additional US$25 billion, more than a doubling of aid to Africa compared to 2004 - a commitment that has been reaffirmed at each subsequent summit. The Communique also committed leaders to the Multilateral Debt Relief Initiative (MDRI), cancelling 100 percent of outstanding debts of eligible HIPC to the International Monetary Fund (IMF), International Development Association (IDA) and African Development Fund (ADF), reiterated in the 2005 World Summit Outcome.
In response to the global financial crisis, the G8 reaffirmed its Geleagles and subsequent commitments at the L'Aquila summit, while the London G20 summit pledged increased resources available via IFIs, including $50 billion for developing countries.
Significant commitments in aid quality were initiated with the Organisation for Economic Co-operation and Development (OECD) Recommendation on Aid Untying in 2001, where Development Assistance Committee (DAC) members agreed to untie ODA to Least Development Countries. Following statements in Monterrey Consensus, donors signed up to the Paris Declaration on Aid Effectiveness, in 2005, laying out specific commitments on aid programming and donor-partner relations. Recently the Doha Follow Up Declaration on Financing for Development, 2008 saw Heads of State agree to fulfil the objectives of the Monterrey Consensus stressing strengthened support to African countries.
Transparency and acountability was a particular theme for the 2009 G8 L'Aquila summit, together with endorsement for a 'whole of country' approach to development.