With the transformation of the OEEC to to the OECD its terms of reference with respect to development in Member as well as non-Member countries, changed and a task force was created to reflect on the nature and aims of a new, specialised organ to be known as the OECD Development Centre. Based on the findings of a group of experts "The Four Wise Men", the OECD Council ratified the objectives and the mandate and established the Development Centre in October 1962, less than two years after the creation of the OECD itself. In 1971, the Council reformulated the role of the Centre as follows: "the Centre became an integral part of the Organisation, at the same time the Centre should work on projects which the developing countries consider relevant. The Centre as the focal point within the OECD for research on problems of development, should serve as a source of knowledge on development problems for all parts of the Organisation. Furthermore, the Centre through its contacts with developing countries, can serve as a forum for an informal dialogue with developing countries on matters of common interest, and the Centre should pursue this function wherever appropriate and keep the OECD abreast of thinking in developing countries. The Centre, whose work is objective and of high quality, should continue to be free to publish its findings."
The Development Centre served essentially as a bridge between the OECD and non-member countries of Africa, Asia and Latin-America. The Centre provides a focal point on (1) research and study of economic and social issues concerning developing countries, (2) External cooperation through relations with development research and training institutes, (3) Relations with Non-Governmental Organisations (NGO's) active in development cooperation. (4) relations with economic actors, (5) visiting fellows and trainees, (6) outreach activities through development policy dialogue and thematic and regional conferences, information and publications.