The G-24 was established in 1971 by the Group of 77 (G-77) as one of its Chapters, and formally created in 1972 with the following objectives:
In 1976, during the Third Ministerial Meeting of the G-77, the terms of reference of the G-24 were expanded to include issues related to development , and as a consequence, topics falling within the work of the institutions that comprise the World Bank Group. The landscape of global economic and financial governance has undergone profound changes with an important bearing on the role and value added of the G-24. First, in recognition of the structural transformation in the global economy and following the recent spate of financial crises, global economic and financial leadership has shifted towards greater inclusivity with developed and developing countries working together.
At the same time, new developing country groupings have emerged as important interlocutors in global discussions. Second, the agenda confronting the global community has broadened and become more complex, as reflected in the deliberations of the International Monetary Fund (IMF) and the World Bank. The G-24 has experienced instances where its nature, mission, and structure have been re-examined consistent with the evolution in world dynamics.