Washington, D.C. – The Caribbean Development Bank (CDB) and the Inter-American Development Bank (IDB) have signed a memorandum of understanding (MOU) to strengthen their ongoing partnership in addressing the Caribbean’s development priorities.

Through the MOU, signed at the IDB’s headquarters in Washington, D.C. on February 21, 2017, both institutions have renewed their commitment to collaborating on programmes and projects that contribute to sustainable economic development in the region. The agreement formalises their cooperation in CDB borrowing member countries that are also members of the IDB, and countries in the Organisation of Eastern Caribbean States (OECS). Through a unique charter provision, IDB resources are channelled to OECS countries that are not members of the Washington-based Bank, through CDB.

“The MOU embodies the common vision for the sustainable development of the Caribbean that IDB and CDB share. I expect then, that the MOU will provide the framework for us to work collaboratively and creatively, over the next decade and a half, to facilitate the attainment of the development agenda; and accelerate the transformation of these countries,” said CDB President Dr. William Warren Smith.

“We have had a singularly close and forward-looking partnership with the CDB for four decades. We now have an opportunity to strengthen those bonds and take on our shared challenges with renewed optimism,” said IDB President Luis Alberto Moreno.

CDB and IDB presently collaborate on a number of initiatives, including in the areas of renewable energy and private sector development for micro, small and medium-sized enterprises.

Read more at: Caribbean Development Bank