UN General Assembly
1959

89. In the realm of social justice, no close moral and political co-operation can exist between such profoundly and tragically differentiated communities as the countries of Latin America and the great industrial Powers. It was impossible to establish solidarity and join in a common struggle So long as living conditions were so unequal, hence, before the political problem could be tackled, the economic problem had to be solved, and this has become an international and strategic problem until such time as the gulf separating the more fortunate peoples and those who lack wealth and technical resources is bridged. The Brazilian President’s timely appeal culminated in the Conference of Foreign Ministers held at Washington in 1958 which adopted measures to strengthen the inter-American economies, ensure the stability of markets and commodity prices and increase opportunities for private and public investments. This last-named vital requirement in its turn led to the establishment of an Inter-American Development Bank, a common objective of our peoples which had long been under discussion.