KUWAIT, March 12 (KUNA) -- Director-General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader said Monday the Arab aid agencies have channeled up to USD 70 billion in economic assistances to 147 countries around the globe since 1975.

He made the remarks in an address to the opening session of the 70th ordinary meeting of the coordinating committee of the Arab financing institutions and funds; the meeting will last until March 14.

"This group of partners in financing for economic development has made outstanding contributions to poverty alleviation and life-saving efforts on the regional and international levels," he said.

"Through their aid programs these agencies helped create countless number of jobs and tap into the opportunities for long-term investment in economic development in the aid recipient countries," Al-Bader pointed out.

He highlighted the importance of the meetings of coordinating committee, saying they help follow up the latest developments in the implementation of the economic development programs backed by these agencies.

"The meeting provides platform for representatives of the Arab aid agencies to share experience on their new programs and discuss the outlook of economic development on regional and international scales," he added.

"In the wake of the global financial crisis, KFAED pushed up the ceiling of its annual loans to 25 percent in order to expand its involvement in the economic development projects in the developing countries," Al-Bader added.

The meeting is scheduled to discuss the suggestions of several governments and international organizations for holding meetings with the group and enhance cooperation in the light of the United Nations Disaster Assessment and Coordination (UNDAC), part of the international emergency response system for sudden-onset emergencies. The three-day meeting, being hosted by KFAED, gathered representatives of the Abu Dhabi Fund for Development (ADFD), the Saudi Fund for Development (SFD), the Islamic Development Bank (IDB), the OPEC Fund for International Development (OFID), the Arab Fund for Economic and Social Development (AFESD), the Arab Bank for Economic Development in Africa (BADEA), and the Arab Gulf Program for Development (AGFUND).