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Rich Nations Urged to Spend $25 Billion Yearly on Africa

A panel headed by British Prime Minister Tony Blair is calling on wealthy nations to spend 25 billion dollars a year more to help reverse poverty in Africa.

In a report released today (Friday) in London and Addis Ababa, Ethiopia, the Africa Commission also calls on rich nations to end trade barriers and agricultural subsidies and cancel all debt for poor African countries.

The report also calls on African governments to commit to transparency and to ratify the U.N. Covenant on Corruption. The panel urges developed nations to monitor corruption and reject illicit funds deposited in their banks by corrupt officials from African nations.

Mr. Blair says there is, in his words, "no excuse, no defense, no justification" for the plight of millions in Africa today.

Some information for this report provided by AP.