Third world bank move

Press, 10 September 1984, Page 10

Third world bank move

NZPA-AFP Carthagena, Colombia The third conference of a group of third world nations on economic development ended here yesterday with a declaration calling for a bank financed by the south and aimed at financing its development The meeting involved what is known as the Group of 77, an association of third world nations — who see themselves as the south — formed in the United Nations, and excluding Western, developed nations — the north — as well as Soviet-bloc countries. There are now close to 100 countries in the group bf 77, but only 69 took part in the meeting. The bank project reportedly garnered reservations from such oil-rich countries as Saudi Arabia and Kuwait, whose Governments argued that existing financial institutions could easily perform the function to be assigned to the bank — financing the south’s development. The Mexican Ambassador to the United Nations, Porfirio Munoz Ledo, who is the current president of the Group of 77, will begin consultations on forming of a group to set up the bank. The oil-exporting countries said they would not take part in the group but would not impede the creation of the bank.

The three-day conference also made progress in working out a global system of commercial tariff preferences.