​The Group of Fifteen (G-15) was established at a Summit Level Group of Developing Countries in September 1989, following the conclusion of the Ninth Non-Aligned Summit Meeting in Belgrade. The Group was originally founded by 15 developing countries. While there are now 18 member countries, the original name of the Group has been retained.

A summit level group of developing countries spanning the globe, the G-15 provides a platform for articulation of common perceptions on the world situation and promotion of economic development through South-South cooperation and North-South dialogue.  Based on the common goal of enhanced growth and prosperity, the G-15 was established by 15 developing countries during the Ninth Non-Aligned Summit in September 1989. It presently has 18 members, comprising of an important cross-section of countries from Africa, Asia, Latin America and the Caribbean, namely: Algeria, Argentina, Brazil, Chile, Colombia, India, Indonesia, Iran, Jamaica, Kenya, Malaysia, Egypt,  Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela dan Zimbabwe

The Group was conceived as a small cohesive body of developing countries, but at the same time, fairly representative and having sufficient economic and political weight and countervailing power, to meet on a regular basis at the highest level and make authoritative pronouncements reflecting their common standpoint on the major developments in the world economy and international economic relations. A long-term goal of the G-15 was to be recognized as a logical dialogue partner of the Group of 7 (G-7, now G-8) highly industrialized countries.

It was decided to set up the G-15 autonomously outside the larger groupings of developing countries, but fully sharing their objectives and world view, having close interaction with them and keeping its projects open for participation by any member of the larger Groups. The above purpose alone was important enough and sufficient to justify the creation of the Group of 15. But the Heads of State and Government of the Group decided that, in addition to this broader purpose, the G-15 would also take up projects which could bring direct benefits to the peoples of the member States, which could help in enhancing the credibility of the Group, inspire confidence among its member States, and thereby strengthening its unity and cohesion. This, it was expected, could enhance the bargaining power of the Group in dealing with developed countries.

In order to achieve its objectives, the G-15 undertook various development projects and technical cooperation namely trade, Small medium Enterprises (SME’s), energy, mines, investment, agricultural, education, and human resource capacity building.

In the 3rd Summit of the G-15 in September 2006 in Havana-Cuba, Algeria handed over its Chairmanship to Iran, and agreed a Joint Communiqué that express commitment of the member nations to face global challenges, enhancement of cooperation, revitalization and internal consolidation of the organization in order to support development in member countries in more effective way.