DEFINITION of 'Group of 77'
The largest intergovernmental organization of developing nations in the United Nations. It was created on June 15, 1964 and has since expanded to 130 members. The group enables countries to jointly leverage their negotiating capacity related to major international economic issues within the U.N. and "promote their collective economic interests." The group also works to more rapidly facilitate South-South cooperative efforts to foster development.
The group held its first meeting on October 25, 1967. The result of the initial meeting was a proposed institutional structure dubbed the "Charter of Algiers."
Also known as the G-77.
BREAKING DOWN 'Group of 77'
The Group of 77 has liaison offices located in Geneva (UNCTAD), Nairobi (UNEP), Paris (UNESCO), Rome (FAO), Vienna (UNIDO) and Washington, D.C. (IMF and World Bank). Member countries finance the group's activities through contributions.