CDB Signs MOU with OPEC Fund

 

• The Barbados-based Caribbean Development Bank (CDB) yesterday said it 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.
• It said the agreement sets the stage for parallel financing and cofinancing 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. CDB president Daniel Best underscored the transformative power of collaboration.
• He noted that strategic partnerships between multilateral development banks are fundamental to achieving meaningful progress and driving transformational impact 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,' Best added.
• 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.
• The region's premier financial institution said that the collaboration would 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.

(Source: Trinidad Express Newspapers)