UN General Assembly
1958

41. We therefore view with sympathy the efforts being made by the United Nations to face the problems of financing economic development both by public and private moans. In spite of its modest size and limited scope, we consider that the Special Fund, on whose final establishment the General Assembly will have to reach a decision during the present session, is a first step in the right direction. In this connexion we should mention an event of positive significance, namely, agreement reached at the Conference of the Foreign Ministers of the twenty-one American republics recently held in Washington regarding the urgent need to take initial steps towards the establishment of a banking institute especially designed for the promotion of our regional economy.