A child in Mali, one of the poorest nations in the world
And the decline of funds, together with the rapid spread of HIV/Aids and weak commodity prices, risks reversing the hard-fought progress made in recent years.
Rich countries pledged to boost the flow of foreign aid to developing countries with "sound" social and economic policies at the international conference on poverty in Monterrey last month.
And the World Bank says that the Western nations must start honouring these commitments.
"Many African governments are already putting in place policies that will boost growth, strengthen governance, and more effectively deliver social services."
"They are keeping their side of the global bargain... they now need rich countries to deliver speedily on theirs," said Callisto Madavo, World Bank vice president for the Africa region.
Falling aid
The World Bank has also called on rich nations to implement wider trade agreements.
"Without greater access to the world's wealthiest consumer markets, many African countries will fail to secure any sustainable advantage for their people," the Bank said in its report , African Development Indicators 2002.
And the Bank notes that, while countries at war have suffered the biggest slide, assistance to governments with sound policies has also dwindled.
Mozambique, for example, one of Africa's poorest countries with a strong track record of policy reform, saw aid fall to $804m in 1999 from $1bn in 1990.
In addition to the decline in aid, the global economic slowdown has meant that the flow of outward investment into Africa is also suffering, regardless of African economic conditions in the near term.
Level playing field
Sub Saharan Africa's greatest social challenge is the HIV/Aids virus.
The scope of this problem reinforces the need for African countries to be given the means to build their economies and increase their exports, the report says.
And the Bank again calls on the cooperation of rich nations in order to ensure that exports are indeed allowed to grow.
The report claims that the revenues of cotton exporters in West and Central Africa would increase by $250m a year if the US stopped subsidising the industry.
African countries are already struggling to overcome a steep deterioration in trade revenues, as non-oil commodity prices are down around 35% on average since December 1997.
Efficiency drive
Economic growth across Africa varies substantially.
While 12 countries posted growth exceeding 5% in 2000, other countries are struggling to keep the pace of their economic growth in line with population growth.
"Donors must also help African countries make more efficient use of aid," said Alan Gelb, the World Bank's chief economist for the Africa region.
"Dealing with multiple donors has absorbed half of the time of scarce management expertise of some African governments. This must end."