By: Tiana Cole | HGP Nightly News |
The Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) have renewed their strategic partnership, pledging a combined US$1 billion over the next five years to advance major development projects in Guyana and Suriname.
The renewed collaboration was formalized through a Memorandum of Understanding (MoU), which outlines a roadmap to promote inclusive and sustainable growth across key development sectors. The agreement prioritizes transportation, energy, urban and rural development, education, health, and resilience, which have been identified as critical pillars for economic progress and improving citizens’ quality of life in both nations.
The IsDB emphasized that the initiative underscores its commitment to empowering member countries through partnerships that deliver sustainable and transformative results. The bank noted that the collaboration with the IDB Group will enhance resilience, create jobs, and expand economic opportunities, particularly in underserved communities.
The IDB Group also highlighted that the partnership will open new co-financing channels and strengthen cooperation among member states, with a focus on inclusive growth, innovation, and climate resilience.
Beyond Guyana and Suriname, the renewed partnership extends to other ordinary member countries and IDB member states with large Muslim populations, facilitating deeper collaboration in trade, investment, and sustainable infrastructure, including regional transportation and green energy initiatives.
Both banks reaffirmed their shared commitment to knowledge exchange, achieving impactful results, and fostering cooperation between Latin America, the Caribbean, and Gulf nations, thereby positioning Guyana and Suriname as key beneficiaries of a growing global development network.
