UN General Assembly
1978

154. It was with a view to exploring ways and means of enhancing, diversifying and making more stable the long-term flows of investment funds that, in my address to this Assembly last year, I suggested possibilities for action in two areas: first, better facilities for exploration for natural resources, including petroleum; secondly, the diversification of investment channels that will become possible through a revival of the idea of multilateral investment insurance or reinsurance mechanisms and other forms of guarantee facilities. Their total impact would be expected better to utilize global excess capacities. As it happens, not long after the relevant resolution was passed in the United Nations General Assembly [resolution 32/176], there was presented to the Intergovernmental Group of 24 on International Monetary Affairs at its meeting on 28 April this year in Mexico a proposal for a long-term recycling facility to 19 See Official Records of the General Assembly, Thirty-second Session, Plenary Meetings, 12th meeting, paras. 1-36.