Financing of Economic Development of Less Developed Countries Through Long-Term Loans and in Other Advantageous Ways, and Ensuring an Inceasing Share in World Trade for Their Products

A/RES/1524(XV)No PDF available

Who created this mandate?

A Resolution of the General Assembly, published in 1961.

What subjects does this mandate have?

7 topics

Credit Development Finance Economic Development Export Diversification Foreign Loans Least Developed Countries Tied Aid

What does this mandate say?

4 operative paragraphs

Recommends all Member States:

To encourage, on a bilateral and a multilateral basis, the extension as appropriate of long-term loans, grants, or credits on favourable terms, including interest-free loans or loans at the lowest possible interest rates, the longest possible repayment periods and repayment in local currencies or in other beneficial forms, as well as the influx of other forms of foreign capital and assistance, which are important factors in the economic and social progress of the less developed countries;

( b) To avoid, except for balance-of-payments reasons, reliance on the practices of restricting economic aid to particular sources of supply or exclusively to particular projects; when aid involves the supply of goods or services they should be made available at competitive world prices;

( c) To co-operate in financing industrial, agricultural, social and other projects for productive purposes in harmony with the needs and requirements of the development programmes of the less developed countries;

Calls upon Governments of Member States to encourage the development and the diversification of the economies of the less developed countries with a view to increasing their share in world production and world trade, including trade in industrial products;

Calls upon the Economic and Social Council and the regional economic commissions to continue to studv this important question, and requests the Committe'e for Industrial Development to make suggestions on the matter.

948th plenary meetiny.

75 December 1960.

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Who created this mandate?

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What does this mandate say?

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