By Caribbean News Global 
USA / BARBADOS – The OPEC Fund for International Development, and The Caribbean Development Bank (CDB) signed a Memorandum of Understanding (MOU) to enhance cooperation and expand joint initiatives supporting sustainable growth across the Caribbean.
The agreement will strengthen collaboration on climate action, renewable energy, infrastructure, water and sanitation, transport, and social development, while promoting knowledge sharing, technical assistance, and co-financing of projects that boost resilience and economic opportunities in the region.
“The Caribbean faces both significant challenges and remarkable opportunities,” said OPEC Fund president Abdulhamid Alkhalifa. “Together with the CDB, we aim to channel investment where it has the greatest impact, helping countries enhance resilience and accelerate sustainable growth.”
The OPEC Fund and CDB’s partnership dates back to 1978, having jointly supported eleven public sector operations worth over US$140 million in sectors such as education, agriculture, water and transport. The new MoU sets the stage for closer strategic cooperation to address the Caribbean’s development priorities in an integrated and forward-looking way.
The OPEC Fund is increasingly prioritizing Small Island Developing States (SIDS) through its 2025–2027 SIDS Strategy, which emphasizes tailored support for climate resilience, concessional finance and capacity building.
Speaking at the signing ceremony last week on the margins of the International Monetary Fund-World Bank Annual Meetings in Washington DC, Daniel Best, president of CDB, underscored the transformative power of collaboration:
“Strategic partnerships between multilateral development banks are fundamental to achieving meaningful progress and driving transformational impact. By working as a cohesive system – combining expertise, resources, and aligned priorities – we can fast-track solutions to global challenges and advance the Sustainable Development 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 further highlighted the opportunities ahead:
“This partnership opens unparalleled opportunities for our Borrowing Member Countries. By leveraging the OPEC Fund’s global reach and CDB’s deep regional expertise, we can accelerate investments in infrastructure, climate adaptation, and human development – creating a future that is sustainable, inclusive, and prosperous for the people of the Caribbean.”
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