G8 Heiligendaam Summit Declaration on Growth and Responsibility in Africa

Sectors : Aid volume, Debt relief, Forced displacement, Domestic resource mobilisation, Investment
Organisation : G8
Date made: 
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Commitments in: Financing for Development - Debt relief

“2… we stress our firm resolve to implement the commitments on development made, in particular, in Gleneagles. These include the historic multilateral debt relief of up to US$ 60 billion, the implementation of which is now well underway. They also include increasing, compared to 2004, with other donors, ODA to Africa by US$ 25 billion a year by 2010…”


Commitments in: Private Sector development and financial services for the poor - Investment

“32. We welcome the initiative “Partnership for Making Finance Work for Africa” and the work underway with the World Bank and the African Development Bank to establish it...This partnership should help us work together more effectively with a variety of new and existing initiatives such as:

...• encouraging African states to promote higher allocations toward domestic investment by sharing best practices about market-oriented financing schemes to open-up more options for a productive use of remittances, for example granting incentives for migrants channelling parts of their savings towards economic development in their country of origin;"