In a move to promote sustainable development in Guyana and Suriname, the Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group), in a joint and strategic partnership, pledged US$1 billion over the next five years, under a Memorandum of Understanding (MoU), to support both nations.
The MoU aims to catalyze investment in critical areas, including energy, urban and rural development, education, health, and transportation, while simultaneously fostering regional connectivity 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 Jasser was quoted as saying, 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,” said IDB Group President Ilan Goldfajn.

Beyond Suriname and Guyana, the partnership supports broader collaboration in common member countries and IDB member countries with significant Muslim populations, a press release read.
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.

The 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.