At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed common Fund to finance commodity buffer stocks.
SV Spanish delegation seated
SV Saudi Arabian delegation
SV Mrs. Hector Hernandez, Mexican Under-Secretary for Trade speaking
Initials BB/1900 YA/AW/BB/1905
This film is serviced with parti of an address delivered to the conference is Spanish by Hector Hernandez, Mexico's Under-Secretary for Trade and Commerce.
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Background: At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed common Fund to finance commodity buffer stocks.
They included oil exporters Iran, United Arab Emirates and Kuwait, together-with Mexico, Zambia and Pakistan.
Indonesia, which had announced support for the Fund earlier, said its contribution would be 25-million dollars (14-million sterling).
Norway, the first industrial country to offer a specific sum to the Fund, said its contribution would also be 25-million dollars, subject to parliamentary approval.
UNCTAD's target is 1,000-million dollars (570-million pounds sterling) to be raised by government subscription plus a further 2,000-million dollars (1,140-million pounds sterling) borrowed commercially.
The Common Fund is at the core of an integrated programme backed by the developing countries and aimed at stabilising commodity markets to ensure that prices are fair to producers and consumers alike.
SYNOPSIS: In Nairobi, Kenya, Mexico was among eight countries which pledged contributions on Monday to the proposed Common Fund to finance commodity buffer stocks.