G8 leaders also pledged universal access to Aids treatment as they unveiled a support plan on Friday for the world's poorest continent.
Some aid groups said the pledges didn't go nearly far enough. But Nigerian President Olusegun Obasanjo described the G8 summit a "great success," and rock stars Bob Geldof and Bono declared victory in their campaign to push leaders at the G8 summit to double aid to the continent.
G8 leaders were only beginning to meet commitments they made years ago and they still have not met their commitment to spend 0.7 percent of their GDP on foreign aid, a pledge they made in 1970, Fosu said.
John Stremlau, an international relations expert at the University of the Witwatersrand in Johannesburg, South Africa, said: "The devil is in the detail. It is not really money that is the problem, but how it is spent."
In addition, leaders signalled support for new deals on trade, cancelled the debt of some of the world's poorest nations, pledged universal access to Aids treatment, committed to a peacekeeping force in Africa and heard African leaders promise to move toward democracies that follow the rule of law, Blair said.
"All of this does not change the world tomorrow. It is a beginning, not an end. And none of it today will match the same ghastly impact as the cruelty of terror," Blair said, referring to Thursday's bombings in London, which killed at least 50 people.