KUWAIT CITY, March 12 (Xinhua) -- Kuwait provides 984 loans and grants for 106 countries from across the world with the Kuwait Fund for Arab Economic Development (KFAED), an official said Monday.
Assistant Foreign Minister for Asian Affairs of Kuwait Ali Al-Saeed made the announcement in a speech during a workshop over sustained development of the Asia Cooperation Dialogue nations.
Financial aid that worth 42.8 million U.S. dollars has been poured into the Southeast Asia and Pacific region, Al-Saeed said, adding that Kuwait has been instrumental in the gradual growth of many underdeveloped nations.
The Kuwaiti official cited untapped potential in the sprawling continent of Asia, a region that possesses all capabilities needed to become an economic powerhouse.
The International Development Association is another recipient of Kuwaiti aid totaling 330 million dollars with an aim to ratchet up the international financial institution's support for needy countries, he noted.
Founded in Dec. 1961, the KFAED is the Kuwait's agency for the provision and administration of financial and technical assistance to developing countries.