BRIDGETOWN, Barbados – The Presidents of the Caribbean Development Bank (CDB) and the Inter-American Development Bank (IDB), and the Chief Executive Officer of IDB Invest, have today signed a mutual cooperation agreement. The new agreement between the IDB Group and CDB support economic development and integration of the Caribbean community and common market.
“Today’s signing ceremony is a re-affirmation of CDB and IDB’s shared commitment to the sustainable growth and development of the Caribbean Region. It signals that we have reached another milestone in over four decades of collaboration between our two institutions. With the widening of our agreement to include IDB Invest we are also expanding the opportunities for the regional private sector to play an even bigger and more meaningful role in improving the lives and well-being of Caribbean people,” said CDB President Dr. Wm Warren Smith.
The new agreement sets out how CDB, IDB, and IDB Invest will cooperate in the financing or co-financing of projects, in order to build social, economic and environment reliance in the Region, to further inclusion and equality, and to enhance good governance and innovation. The agreement includes joint financial and advisory services and building capacity and training.
“This agreement will help the Caribbean region at a critical time, when countries face enormous challenges to transform their post-pandemic economies in order to become more sustainable and more resilient to natural disasters, and more capable of harnessing the creative energies of their people,” said IDB President Luis Alberto Moreno.
The boosted cooperation between CDB and the IDB Group replaces a cooperation agreement from 1977 and will also facilitate CDB’s and IDB Invest’s joint promotion of public-private partnerships.
"The private sector can play a catalytic role in transforming the Caribbean for a more sustainable tomorrow. IDB Invest has placed more local staff in common member countries and made available more financial products and services than ever before, highlighting our commitment to provide solutions and technical excellence in the Caribbean. This CDB partnership only strengthens our relationship and ability to support the private sector and reignite growth," said IDB Invest Chief Executive Officer James P. Scriven.
By harmonising policies and procedures for the procurement of goods, works, and services, the new agreement also increases efficiency gains to be passed on to project beneficiaries, in the form of reduced transaction costs.
The agreement was signed at a virtual ceremony, connecting CDB and IDB headquarters in Barbados and Washington D.C. by videoconference.
About the Inter-American Development Bank
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
About IDB Invest
IDB Invest , a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $12.1 billion in asset management and 333 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. CDB’s total assets as at December 31, 2018 stood at USD3.24 billion (bn). These include US$1.75 bn of Ordinary Capital Resources and US$1.49 bn of Special Funds Resources. The Bank is rated Aa1 Stable with Moody’s, AA+ Stable with Standard & Poor’s and AA+ Stable with FitchRatings. Read more at caribank.org.