I don’t really understand the cynicism in this thread. If you want the IMF and WB to keep the hell away, this proposal will help. The debts owed to these organisations will be written off. This money can then be used to create infrastructure which will help facilitate trade between Africa and the rest of the world. Being able trade effectively in order to develop will not happen without functioning infrastructure and greater political stability.
I think this sounds like a good FIRST STEP. It is not the end of our obligations towards helping developing nations, but can potentially lead to much better trade opportunities for the African nations affected.