The Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) have pledged US$1 Billion over the next five years to support development in Guyana and Suriname with the signing a Memorandum of Understanding (MoU).

In a release, the financial groups said the move is to strengthen their strategic partnerships with the two countries. Both Guyana and Suriname are moving full speed ahead to develop their oil and gas sector.

According to the ISDB and IDB group, the 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 Muhammad Al Jasser, was quoted as saying in the release.

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.

“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, stated.

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

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.

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