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Kuwait emir proposes US$2 bil. fund to fight Asia poverty, pledges US$300 mil.

KUWAIT CITY -- Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah Tuesday proposed setting up a US$2 billion fund to fight poverty in Asia and said the Gulf state will donate US$300 million to its corpus.

“In a bid to fight poverty and improve the standard of living ... I propose an initiative to set up a US$2 billion program,” Sheikh Sabah said as he opened the first Asia Cooperation Dialogue (ACD) summit.

“In this context, I am pleased to announce that Kuwait will contribute US$300 million to the fund.”

Sheikh Sabah proposed that a pan-Asian development agency, like the Asian Development Bank, manage the program that will finance development projects in the least developed Asian nations.

Several leaders including the rulers of Qatar, Bahrain and Bangladesh are attending the two-day summit along with representatives from other ACD countries.

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