The Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) have renewed their strategic partnership by pledging $1 billion over the next five years to support development initiatives in Suriname and Guyana. The announcement was made in Riyadh during the signing of a memorandum of understanding (MoU) that aims to strengthen collaboration between the two institutions.
The partnership will focus on advancing inclusive and sustainable development in key sectors such as transportation, energy, urban development, education, rural development, health, and resilience. Both banks emphasized that the initiative seeks to enhance livelihoods, promote economic growth, and build long-term resilience in the two countries.
IsDB President Dr. Muhammad Al Jasser highlighted the Bank’s commitment to empowering member countries through partnerships that drive sustainable progress. IDB Group President Ilan Goldfajn emphasized the potential of this renewed cooperation to unlock new co-financing opportunities, foster inclusive growth, and strengthen resilience in Suriname and Guyana.
Beyond these two nations, the MoU extends collaboration to other common member countries and those with significant Muslim populations. The partnership will also focus on trade and investment promotion, as well as sustainable transport solutions that improve regional connectivity and climate resilience.
Both institutions reaffirmed their shared goal of enhancing knowledge exchange and delivering impactful development solutions that connect Latin America and the Caribbean with Gulf States and other global stakeholders, contributing to a more inclusive and sustainable future.
