Common Fund for Commodities
The Common Fund for Commodities (CFC) is an intergovernmental financial institution established within the framework of the United Nations. It is a vestige of the proposed New International Economic Order. The CFC finances commodity development projects in developing states.
The CFC was established in 1989. It was set up by a 1980 multilateral treaty known as the Agreement establishing the Common Fund for Commodities. As of January 2016, there are 113 parties to the Agreement and thus to the CFC. This total includes 103 UN member states plus ten intergovernmental organizations: the Andean Community, the Caribbean Community, the Common Market for Eastern and Southern Africa, the East African Community, the Economic Community of West African States, the Eurasian Economic Community, the European Union, the African Union, the Southern African Development Community, and the West African Economic and Monetary Union. The seven states that have joined but then withdrawn from the CFC are Australia, Austria, Belgium, Canada, Japan, Luxembourg, New Zealand, and Turkey.