Guyana to benefit from US$1 billion development fund

The Islamic Development Bank (IsDB) Group and the Inter-American Development Bank Group (IDBG) have signed a memorandum of understanding (MoU) to provide at least US$1 billion over the next five years to support development in Suriname and Guyana.

The agreement aims to advance inclusive and sustainable growth in both countries, with investments planned for transport, energy, urban development, education, rural development, health, and resilience.

“At the Islamic Development Bank Group, we are committed to empowering our member countries and fostering partnerships that advance sustainable development. This renewed engagement with the IDB and IDB Invest enables us to jointly deliver transformative projects that enhance livelihoods, strengthen resilience, and promote shared prosperity in Suriname and Guyana,” said IsDB Group Chairman Dr. Muhammad Al Jasser.

“We are joining forces with the Islamic Development Bank to unlock new financing opportunities in Guyana and Suriname and also cooperation with other member countries, to build resilience, foster inclusive growth, and improve lives,” said IDB President Ilan Goldfajn.

The collaboration extends beyond Suriname and Guyana to other shared member countries and IDB member nations with significant Muslim populations. It will also deepen cooperation in trade and investment, with a focus on digital trade, tourism, and public-private partnerships that promote inclusive growth.

The framework highlights sustainable transport initiatives to strengthen regional connectivity and climate resilience. Both institutions reaffirmed their commitment to knowledge sharing and delivering impactful development results, while enhancing ties among Latin America and the Caribbean, Gulf countries, and other partners. (Islamic Development Bank)