At the end of their meeting in Geneva, Switzerland, the ministers of the member countries of the Organisation of Petroleum Exporting Countries (OPEC), announced on Sunday nigh (7 April) that they had agreed to set up a special fund to save developing countries from the main impact of soaring petroleum prices.
MV TILT DOWN EXT Continental Hotel
MV Delegates entering conference room (2 shots)
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Background: At the end of their meeting in Geneva, Switzerland, the ministers of the member countries of the Organisation of Petroleum Exporting Countries (OPEC), announced on Sunday nigh (7 April) that they had agreed to set up a special fund to save developing countries from the main impact of soaring petroleum prices.
The announcement was made by the Chairman of the Conference, Mr. Jamshid Amouzegar, the Finance Minister of Iran. He said that it would be called a Special Development Fund and would grant loans "only on soft and concessionary terms" over a 25 or 30 year period. It would start operations after being ratified by any seven of the twelve OPEC members. He Said Iran would ratify it immediately, and he was sure that others would follow suit.
Mr. Amouzegar stressed that contributions from OPEC members would be on a voluntary basis, but he declined to give any indication as to the amount the Fund would hold. Iran was considering making an initial annual contribution of 150 million dollars (60 million sterling), which would represent one per cent of its estimated total oil revenues for 1974.
He said that Iran's contribution would be an example to advanced countries which had failed to make a similar percentage available for poorer countries.
A meeting for the following day (Monday) was cancelled, and most of the delegates flew to New York, U.S.A., where they will be attending a special session of the United Nations General Assembly which will review the world energy crisis, including the effect of rising oil prices on developing countries.