"This is where financial aid comes in handy: for specific projects to improve the lives of people who are willing to work but lack the resources and the capital to improve their lives."
If they are willing to work, then they should eventually come up with the resources and capital on their own. Europeans developed without handouts or foreign aid. Where was the IMF during the Renaissance? If these people are capable of doing so then let them, if not then maybe they're not ready. A culture can't be developed by outsiders, it must evolve and grow from within.
The problem with the primitive cultures of Africa is that they've been helped too much by the developed countries. Due to us shipping them large quantities of food and modern medicines, their populations have grown far larger than what the local environment can support. This is why so many of them are on the brink of starvation. Maybe their populations should be allowed to revert back to a more self sustaining level. It's time for the "White Man's burden" to be put down so that they can sink or swim on their own.
Why keep throwing money into a sink hole.