1521 (XV). Establishment of a United Nations capital development fund
The General Assembly,
Bearing in mind the determination of the peoples of the United Nations to employ international machinery for the promotion of the economic and social advancement of all peoples,
Recognizing the urgency of accelerating the economic and social development of under-developed countries,
Recognizing further that the present flow of capital from the economically advanced countries to the under-developed countries - the economic and social development of the latter is wholly inadequate in nature and scope,
Considering the need for the United Nations to supplement all existing efforts for capital assistance to the under-developed countries,
Recalling its resolutions 1219 (XII) of 14 December 1957, 1240 (XIII) of 14 October 1958, 1317 (XIII) of 12 December 1958 and 1424 (XIV) of 5 December 1959, and Economic and Social Council resolutions 662 (XXIV) of 30 and 31 July 1957 and 740 (XXVIII) of 31 July 1959,
1. Decides in principle that a United Nations capital development fund shall be established;
2. Resolves that a committee of twenty-five representatives of Member States, to be designated by the President of the General Assembly on the basis of equitable geographical distribution, shall consider all concrete preparatory measures, including draft legislation, necessary to that end;
3. Requests the committee to submit its recommendations, including the draft legislation, to the Economic and Social Council at its thirty-second session, which shall transmit them, together with its comments, to the General Assembly at its sixteenth session for action;
4. Requests the Secretary General to provide the committee with the necessary facilities.
948th plenary meeting
15 December 1960