The Caribbean Development Bank (CDB, the Bank) has signed a Memorandum of Understanding (MOU) with the OPEC Fund for International Development, establishing a strategic framework for collaboration aimed at unlocking new financing opportunities and driving sustainable growth across the Caribbean.
The agreement sets the stage for parallel financing and co-financing of projects in critical sectors such as climate resilience, renewable energy, resilient infrastructure, food security, trade finance, and youth empowerment. It also promotes knowledge sharing, technical assistance, and capacity building, ensuring that Borrowing Member Countries (BMCs) benefit from innovative solutions and expanded access to resources.
Speaking at the signing ceremony last week on the margins of the International Monetary Fund-World Bank Annual Meetings in Washington D.C., Mr. Daniel Best, President of CDB, underscored the transformative power of collaboration: “Strategic partnerships between multilateral development banks are fundamental to achieving meaningful progress and driving transformational impact. By working as a cohesive system – combining expertise, resources, and aligned priorities – we can fast-track solutions to global challenges and advance the Sustainable Development Goals. This MOU is a significant step forward, showing that cooperation among development institutions is not just beneficial but vital to delivering real and lasting improvements in people’s lives.”
The MOU outlines joint activities including project preparation, technical assistance, and regional dialogues to advance inclusive and green development. Areas of focus range from climate-smart agriculture and water security to digital connectivity and private sector growth, all aligned with CDB’s mission to foster resilience and reduce poverty.
Mr. Best further highlighted the opportunities ahead, “This partnership opens unparalleled opportunities for our Borrowing Member Countries. By leveraging the OPEC Fund’s global reach and CDB’s deep regional expertise, we can accelerate investments in infrastructure, climate adaptation, and human development – creating a future that is sustainable, inclusive, and prosperous for the people of the Caribbean.”
The collaboration will also support youth empowerment initiatives, technical and vocational training, and innovative financing mechanisms such as debt-for-sustainability swaps and blue economy facilities, reinforcing the Caribbean’s position as a leader in climate resilience and sustainable development. (Caribbean Development Bank Press Release)
About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established in 1970 to contribute to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional, non-borrowing members, Brazil, Colombia, Mexico, and Venezuela, and five non-regional, non-borrowing members, Canada, China, Germany, Italy and the United Kingdom. CDB’s total assets in its Ordinary Capital Resources stood at US2.02 billion as at December 31, 2024, while it also manages US$1.40 billion of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, AA+ Stable by Standard & Poor’s and AA+ Stable by Fitch Ratings. Learn more at caribank.org
