Summit of World's Poorest Nations Opens in Istanbul

A five-day U.N. summit with 48 leaders of the world's Least Developed Countries (LDCs) began in Istanbul Monday to discuss a new 10-year aid plan to help lift nations out of poverty.

"Investing in the LDCs can provide the stimulus that will help to propel and sustain global economic recovery and stability," said Ban Ki-moon, the secretary general of the United Nations, in his opening remarks.

"This is not a charity, it is smart investment," he added.

"It is time to change our mindset, instead of seeing LDC's as the poor and weak, let us recognize these 48 countries as best reservoir of untouched potential. Investing in LDCs is an opportunity for all."

Ban stressed the need to support agriculture in LDCs, in which 70 percent of the population is employed.

"The LDCs are facing a real prospect of a new crisis in food and nutrition security," he said.

The summit was being chaired by Turkish President Abdullah Gul while the head of the European Commission, Jose Manuel Barroso, was also present at the opening.

Iranian President Mahmoud Ahmadinejad is also expected in Istanbul.

"The Istanbul Program of Action should be able to make a difference in lives of one billion people living in LDCs," said Gul, calling for a mid-term conference in 2015 to monitor the implementation of the new program.

The new Istanbul Action Program is being negotiated in the conference after the expiry of the former Brussels plan in 2010.

The LDC countries are defined as those with a per capita income of less than 745 dollars. The LDC includes 33 states from Africa, 14 from Asia plus Haiti.

Source: Agence France Presse

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