The constitution of Kuwait was ratified in 1962 and has elements of a presidential and parliamentary system of Government. With a population of 4.5 million Kuwait has the world’s 6th highest oil reserves and substantial natural gas reserves. Kuwait has the world’s oldest established Sovereign Wealth Fund with significant investments in Europe, the United States and Asia Pacific.
Kuwait is a major source of foreign economic assistance to other states through the Kuwait Fund for Arab Economic Development, an autonomous state institution created in 1961. In 1974, the funds lending mandate was expanded to include all developing countries in the world.