UN General Assembly
1978

157. A wide range of mutual interests could be served by a suitably devised multilateral financing mechanism-estimated by the expert group to require' at least $US 500 million [ibid., annex, para. 83] —that would go into areas of further exploration and wildcat drilling which have been a traditional preserve of multinational corporations. It would also continue to provide an expanding export market for oil-exporting developing countries. The lessening of exploration risks resulting from such a multilateral fund could, in turn, permit the negotiation of better terms between countries and investors in the development phase. Directly within the ambit of the activities of UNDP are the group's suggestions for the improvement of facilities and coverage of the United Nations Revolving Fund for Natural Resources and I would urge the General Assembly's endorsement of both sets of proposals.