Colombo Plan for Cooperative Economic Development in South and Southeast Asia

The tenth annual meeting of the Consultative Committee of the Colombo Plan for Cooperative Economic Development in South and Southeast Asia was held in Seattle, Washington, November 10–13, 1958. At the meeting the committee's seventh annual report was adopted. It was reported that President Eisenhower, who attended the conference, outlined a five point plan for economic growth which called for expanded international trade; more technical assistance; more private investment; public loans on normal bankable terms; and development financing to provide to the borrower flexibility regarding terms of repayment. Mr. Eisenhower observed that the Development Loan Fund established in 1957 by the United States Congress had given more than half its loans to the Colombo Plan countries. Additions to the fund were needed since Colombo Plan nations had requested further loans for projects which exceeded the resources of the fund. He suggested that progress would be hastened if other more developed countries were to act to meet these growing needs and said that the United States would welcome the contributions of other countries to this end. He spoke of the possibility of creating an international development association for this purpose, as an affiliate of the International Bank for Reconstruction and Development. During the committee's session, it was pointed out by some participants that less developed countries should prepare a satisfactory climate, with investment safeguards, if large private investments were to be expected. Several representatives from less developed areas concurred in this position, referring to steps already taken in this direction. It was decided to hold the next annual meeting of the committee in Indonesia.