At the meeting of Commonwealth Heads of Government held in Ottawa in August 1973, the Government of Kenya presented a proposal to establish a Commonwealth development bank and the Heads of Government agreed to refer the proposal “to Commonwealth Finance Ministers for consideration”. The Finance Ministers Meeting at Dar-es-Salaam in September, 1973, considered the Kenyan proposal alongside a proposal by the Government of Jamaica for establishing a Commonwealth finance corporation for providing venture capital, possibly on the basis of modifying and expanding the structure of the existing Commonwealth Development Corporation by converting it into a jointly owned Commonwealth organisation.