Glossary: Colombo Plan
DEFINITION:
Founded in 1951 and known as the Colombo Plan for Cooperative Economic Development in South and Southeast Asia until it was expanded in 1977 and called the Colombo Plan for Cooperative Economic Development in Asia and the Pacific. It is an arrangement that permits a developing member country to approach a developed member country for assistance on a one-to- one basis. Assistance may be technical or in the form of capital or commodity aid.