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The Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB) have pledged US$1 billion to Guyana and Suriname to be used over the next five years to support development. A statement from the IDB yesterday described the signing of a memorandum of understanding (MoU) to this effect as a renewed strategic partnership. The MoU also aims to deepen cooperation between the two institutions in areas that promote inclusive growth, including trade and investment, as well as sustainable transportation solutions that enhance regional connectivity and climate resilience. According to the statement, this renewed collaboration will focus on advancing inclusive and sustainable development in both countries, with investments focused on key sectors, such as transportation, energy, urban development, education, rural development, health, and resilience. “At the Islamic Development Bank, we are committed to empowering our member countries and fostering partnerships that advance sustainable development. This renewed engagement with the IDB Group allows us to jointly deliver transformative projects that will enhance livelihoods, strengthen resilience, and promote shared prosperity in Suriname and Guyana,” IsDB President Dr Muhammad Al Jasse said in the release. “We are joining forces with the Islamic Development Bank to unlock new co-financing opportunities in Guyana and Suriname, as well as cooperation with other member countries, to build resilience, foster inclusive growth, and improve lives,” IDB Group President Ilan Goldfajn added. The statement further said that beyond Suriname and Guyana, the partnership supports broader collaboration in common member countries and IDB member countries with significant Muslim populations. The two institutions reaffirmed their shared commitment to knowledge sharing and delivering impactful development solutions, as well as strengthening cooperation among Latin America and the Caribbean, Gulf States, and other stakeholders.
