Western European countries look for ways to better coordinate their renewed aid efforts.
The World Bank participates in a series of development coordination meetings in Paris on January 14-15, 1960; the meetings would continue a few months later in Washington. The meetings are the result of interest from several industrialized countries, particularly those in Western Europe, to discuss their challenges with international development finance activities. Western Europe had, by 1959, accumulated a large trade surplus that allowed the reduction of their outstanding debt to the International Monetary Fund and the United States at an accelerated rate. These European countries sought new ways to increase cash flow to low-income countries and, importantly, to coordinate their efforts with one another. As the work of rebuilding Europe was considered to be at or nearing its completion, attention focused on the Organisation for European Economic Cooperation and what new role it might play. A resolution was reached to create a new body that dealt not only with European economic development, but with the world's poorer nations, as well. The resulting Organisation for Economic Co-operation and Development (OECD) will be officially born on September 30, 1961. The OECD and, specifically, the Development Assistance Committee (DAC), OECD's special body for aid coordination, will become important partners to the World Bank.
Feb. 4, 1960
The Bank's Assistant Treasurer shares his personal opinion on organizing the program for the first meeting of the Development Assistance Group (1070826).
Jan. 28, 1960
The chairman of the new Group of Four on Economic Organization reports on the Group's activities and requests President Black's views. A tentative list of questions is included (30024295).
Jan. 14, 1960
The resolution calls for participants to meet at subsequent meetings to "discuss various aspects of cooperation in their [aid] efforts" (30024295).
Vice President Knapp reports on events at the ongoing meetings where "the fate of the OEEC has been under discussion" (30024295).