UN General Assembly
1954

43. We are interested in private capital, but it would be wilful self-deception on our part to hope that all our needs can be met by private investors. It is important to analyse the influence which the investment of purely private capital would have on the economies of the under-developed countries. There can be no doubt that more capital has been exported from Latin America in the form of profits than has been brought in. Hence it is obvious that, in view of the urgent need for capital that is common to the Latin-American countries, we cannot expect it all from private investment. This does not mean that we do not want this kind of contribution. On the contrary, such contributions are welcome in my country and are protected by the Act of 17 October 1945, drawn up by Victor Paz Estenssoro, at that time Minister of Finance under the Villarroel regime, which affords to foreign private investors the necessary securities and guarantees for the return of the capital through annual amortization payments.