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 INT Saudi Arabian delegation
SV Spanish delegation
CU Mohamad Al Mozzaki (U.A.E.) speaking in Arabic
SV Soviet delegation
CU Abdullah Al Hamad of Kuwait speaking in Arabic
Initials BB/1945 YA/AW/BB/1955
This film is serviced with part of addresses delivered to the conference in Arabic by Mohamad Al Mozzaki, head of the United Arab Emirates delegation, and Abdulla Al Hamad, Kuwait's Under-Secretary in the Ministry of Trade.
Script is copyright Reuters Limited. All rights reserved
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 pounds 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.