The decision to set up the task force was reached at the conclusion of proceedings of the forum in Abuja.
According to Development Initiatives, an independent organisation working on poverty elimination, approximately $1.7 trillion in development assistance flows from the developed to the developing world.
The task force will redesign the channeling of these development assistance to key sectors of the economy for maximum benefit.
Meanwhile, panelists at the conclusion of the forum said that Africa is on track to achieve the 5.5 percent economic growth in 2014 predicted by the International Monetary Fund.
The Redesigning Development Finance Initiative is being led by a high-level steering group chaired by Christian Paradis, Minister of International Development and Minister for La Francophonie of Canada.
Other members include Julie Sunderland, Director, Programme Related Investments, The Bill & Melinda Gates Foundation, Charlotte Petri Gornitzka, Director-General, Swedish International Development Cooperation Agency; Gavin Wilson, Chief Executive Officer, IFC Asset Management Company; Thomas Speechley, Chief Executive Officer, Abraaj North America; and Dale Mathias, Chairman, Partners Forum for Private Capital Group for Africa, USAID — US Agency for International Development.