Oil windfalls bigger than G8 aid

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Windfalls from the rising global price of oil and other commodities will be worth more to poor countries in Africa than the doubling of aid promised by the G8 industrial nations, one of Britain's leading development thinktanks said yesterday.

Research by the Overseas Development Institute found that surpluses generated for the eight biggest oil exporters in Africa would total $35bn (£19bn) a year if crude prices remained at their current high levels. This compares with the doubling of overseas aid to $50bn a year pledged by the G8 at Gleneagles this year.

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At www.guardian.co.uk

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