BRIDGETOWN, Barbados — The Caribbean Development Bank (CDB) has signed a landmark Memorandum of Understanding (MOU) with the OPEC Fund for International Development to deepen cooperation and accelerate sustainable growth across the Caribbean.

The agreement establishes a strategic framework for collaboration in key areas such as climate resilience, renewable energy, food security, infrastructure development, and youth empowerment. It also paves the way for joint financing initiatives, technical assistance, and knowledge sharing to help Borrowing Member Countries (BMCs) access new resources and innovative solutions.

The MOU was signed last week during the International Monetary Fund-World Bank Annual Meetings in Washington, DC.

CDB President Daniel Best described the partnership as a major step toward transforming the region’s development landscape.

“Strategic partnerships between multilateral development banks are fundamental to achieving meaningful progress and driving transformational impact,” he said. “By 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.”

Under the agreement, the two institutions will cooperate on project preparation, regional dialogues, and capacity building focused on inclusive and green growth. Priority areas include climate-smart agriculture, water security, digital connectivity, and private sector expansion.

Best noted that the partnership “opens unparalleled opportunities” for Caribbean nations by combining CDB’s regional insight with the OPEC Fund’s global experience. “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,” he said.

The collaboration will also support initiatives that strengthen youth empowerment, technical and vocational training, and innovative financing tools such as debt-for-sustainability swaps and blue economy projects, reinforcing the Caribbean’s leadership in climate resilience and sustainable development.