Which premier foreign assistance institution, founded by the State of Kuwait in December 1961 just months after independence, was the very first foreign aid agency created by an emerging developing nation?

Answer and explanation

Correct answer: D. The Kuwait Fund for Arab Economic Development (KFAED)

  1. Step 1: The Kuwait Fund for Arab Economic Development (KFAED) was established on December 31, 1961, by Amir Sheikh Abdullah Al-Salem Al-Sabah.
  2. Step 2: It was the first development assistance agency founded by a developing country to assist other developing nations.
  3. Step 3: Over six decades, KFAED has extended concessionary loans, technical assistance grants, and guarantees funding over 1,000 vital infrastructure projects (dams, hospitals, highways, power grids) in more than 105 countries worldwide.
Answer
The Kuwait Fund for Arab Economic Development (KFAED).
Why not the others: 'Abu Dhabi Fund' was established in 1971; 'Saudi Fund' was created in 1974; 'Islamic Development Bank' was founded in 1973.

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