The Fulbright Program for educational and cultural exchange was awarded the 2014 Prince of Asturias Award of Spain for International Cooperation.

The decision, which was announced by the jury in the city of Oviedo, highlights that the Fulbright Program "has given students, researchers and teachers the chance to learn, investigate and teach and exchange ideas and contribute to finding solutions to challenges and interests of a global nature."

The Fulbright Program, which is an educational exchange program established in 1946 by U.S. Senator James William Fulbright and currently operating in over 150 countries and regions.

Over 300,000 students have so far taken part in the program with just a third of them from the United States with the others coming from countries with whom the United States has exchange agreements.

There are eight categories, including Letters, Arts, Social Sciences, Communication and Humanities, Scientific and Technical Research, International Cooperation, Sport and Concord, in the Prince of Asturias Awards, with International Cooperation the sixth award to be decided this year.

The Awards aim to recognize the "scientific, technical, cultural, social and humanitarian work carried out at an international level by individuals, institutions or groups of individuals or institutions".

The Award winners will be named at regular intervals between now and September and the winners will receive their prize, which includes a cash award of 50,000 euros (about 68,000 U.S. dollars) and a sculpture by artist Joan Miro, in a gala ceremony held in Oviedo in October.

Prince Felipe of Asturias will be proclaimed King Felipe VI on June 19, following the decision by his father King Juan Carlos to abdicate, but the Prince commented on Wednesday that he will remain as the head of the Prince of Asturias Foundation which gives the awards.