"Prior to the July 2005 G8 summit, Britains Prime Minister Tony Blair launched a major diplomatic effort to marshal the resources he sees as needed to eradicate extreme poverty in sub-Saharan Africa. As summit chair, he focused the meeting, held at Gleneagles Hotel in Scotland, July 6-8, on this initiative. Blair pushed for a substantial aid increase for Africa beginning in 2006, through an 'International Finance Facility' (IFF), and for 100% forgiveness of poor country debt to the international financial institutions. The IFF would have issued bonds to finance an additional $25 billion in annual aid to Africa for three to five years, followed by another $25 billion boost if African governments improved their managerial and administrative capabilities. IFF bonds would have been backed by a promise from the G7 leading economic powers to repay them after 2015. Poor country debts to the World Bank and the African Development Bank would have been repaid by the G7, while debts to the International Monetary Fund (IMF) would have been paid by revaluing or selling IMF gold. Finally, Blair sought the removal of barriers to Africas exports."
CRS Report for Congress, RL32796