Blog post

G8: KEEPING PROMISES? Economic Development

1 min read
Oct 23, 2013

Economic Development

The G8 rate their work in economic development as good, claiming that there has been positive progress in supporting trade and development, including infrastructure and the investment climate, particularly in Africa. Most of the support has been in the form of:

  • financial or technical assistance,
  • building partnerships,
  • facilitating dialogue with regional economic communities and governments.

As a highlight, over $20 billion have been donated to Aid for Trade, a world programme aimed at fostering the economic growth of developing countries through increasing their participation in international trade.

On the other hand, progress towards the target of halving remittance costs (from 10% to 5%)- thereby increasing the amount of money entering developing countries in relation to the money sent - by 2014 has been slow, and it seems unlikely that it will be reached.

Image courtesy of Oxfam