Question of the establishment of an international finance corporation

IX. RESOLUTIONS ADOPTED ON THE REPORTS OF THE SECOND COMMITTEE
823 Question of the establishment of an international finance corporation

The General Assembly, Being convinced of the need for international cooperation to facilitate the setting up and expansion of productive private enterprise in under-developed countries by the investment of capital without the necessity for governmental guarantees, Recalling resolution 532 B (XVlII) of the Economic and Social Council, Bearing in mind the reports[1]1submitted by the International Bank for Reconstruction and Development on the establishment of an international finance corporation and the views of the Bank management regarding the useful contribution which an international finance corporation could make to the stimulation of private investment, Believing that an international finance corporation, in appropriate form, could contribute materially to the economic development of under-developed areas and to the general stability of the world economy,

1. Expresses its appreciation of the studies carried out by the International Bank for Reconstruction and Development;

2. Takes note of the statement of the United States Administration of 11 November 1954 and declarations of other countries in support of an international finance corporation, and looks forward to its establishment as soon as practicable;

3. Requests the International Bank:

(a) To prepare draft statutes to govern the corporation, taking into account the views expressed in the United Nations and the responsibilities of existing financial organizations;

(b) To present the draft to the Governments of members of the Bank for discussion and invite them to indicate the degree of support that may be expected from them in providing the capital for the establishment of the corporation;

(c) To take steps to bring about agreement among its members on the draft statutes;

(d) To report on the results of its work to the Economic and Social Council at its twentieth session;

4. Requests the Council to report on this matter to the General Assembly at its tenth session.

510th plenary meeting,
11 December 1954.


[1] See document E/2215; Official Records of the Economic and Social Council, Sixteenth Session, Annexes, agenda item 3, document E/2441; and ibid., Eighteenth Session, Annexes, agenda item 3, document E/2616.
Disclaimer:

This is not a UNHCR publication. UNHCR is not responsible for, nor does it necessarily endorse, its content. Any views expressed are solely those of the author or publisher and do not necessarily reflect those of UNHCR, the United Nations or its Member States.