E/CN.14/Rio/1E~~VIII) 23 March 1967
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~CONOMIC r,OIIT4ISSION FOR AFRICA Eighth scssion
Lagos, 13-25 Februar,y 1967
DEVELOPMENT CAPITAL
Rcsolution 169(VIII) adoptcd by thc Commission at its 139th plenary mcoting on 24 Fobruary 1967
UNIHiLl ,JA nONS
ECONOMIC
A~ID
SOCIAL COUNCIL
The ~conomic Commission for Africa,
Convinced of the urgent need for a comprehensive development finanoing programme suited to the specific needs of Africa,
Recalling its resolutions 86(V) of 2 March 1963, 100(VI) of 28 Februar,y 1964 and 142(VII) of 22 Februaro 1965 on economic integration in Africa; resolutions 103(VI) of 29 Februar
o
1964 and 147(VI1) of 22 Februar;y 1965, on international roads and transport and 148(VII) of 22 February 1965 on development of telecommunications in .Afrtca;~esolutions 18(11) of 4 Februar o 1960, 25(111) of 15 Februar,y 1961, 112(VI) of 2 l.a.r-ch 1964 and 14l(Vrr) of 22 Fe brua.ry 19b5 concerning abTicultural problems; and resolution l40(V11) of 22 February 1965 on industrial development,
Recalling further various commission resolutions on education, training and research and in particular l26(Vrr) of 22 F'ebruar~ 1965 on the campaign a~~inst illiteracj and l27(V11) of 22 February 1965 on the organization of research and training in il.frica,
Bearing in mind the objectives of the African Dovelopment Bank, Welcoming United Nations 'Irade and DeveLopme nt Board resolution 30(IV), invi tine; deve loped coun tries "to pr-ovid e urgen tl,y for sui table increases in the net flow of their development assistance in order to attain the illlCTAD tart'et as defined in recommendation A.IV.2",
Welcoming also the recommendation contained in ~conomic and Social Council resolution 1088 (XXXIX) that "the Governments give early and sympathetic consideration to making their terms of lending substantially more favourable to the developing countries",
Conscious of the fact that within the developing areas, Africa's needs for investment capital are the most crucial,
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Aware of the fact that the ultimate responsibilitJ of developing the African region rests with the _~rican Governments themselves,
Recognizing, h;:,wever, that the effective mobilization and use by African countries of their own resources, for truly rapid development, will reQuire increased financial support and technical co-operation by the ~eveloped countries,
Regrettint\: that the net flow of long-term capital to the developing countries has stagnated during the first half of the United Nations Development Jecade and that during this period the terms of loans have not improved,
Further reg~etting that this sta~nation has occurred during a period when tile developed countries .iave been achieving striking rates of gTowth,
Noting with interest the ofie r-e of financial assistance made by
represen~atives of developed countries at this session,
1. Recomlnends tne creation of a Special Fund for African Development;
2. Requests the .bxecutive Secretary,
(a) To convene a meeting of ministers of finance and economic affair; of African member states for the purpose of adopting a co-
ordinated and unified approach tv the develo~ed c0untries of determining modalities for operating this fund;
(b) In consultation with ADB, the Bank ~nd other international financIal institutions to convene a meeting of representatives of
developed countries to consider the ~ecisions of the meeting of African ministers of finance and economic affairs with a view to the early creation of this fund,
3. Further reguests the Executive Secretary to co-ordinate closely his action on the implementation of this resolution with that of tht:>
President of the African ~cvelopment Bank, in mobilizing a special fund for the Bank.
