IDB, IDB Invest and CDB Strengthen Cooperation to Address Development Challenges in the Caribbean
Photo caption: (From left to right) President of the IDB, Ilan Goldfajn; President of the CDB, Dr. Hyginus 'Gene' Leon; and CEO of IDB Invest, James Scriven, during the signature of addendum in COP28 in Dubai.
- A new action plan has been introduced to bolster collaboration and coordination among the organizations in the Caribbean region as a whole.
DUBAI – Today, the Inter-American Development Bank (IDB), IDB Invest, and the Caribbean Development Bank (CDB) signed an Addendum to the 2020 Mutual Cooperation Agreement during COP28. This new action plan strengthens activities aimed at addressing climate change resilient –physical and digital- infrastructure, project preparation and execution in priority areas, private sector productivity and development, and exposure exchange agreements and other financial products, among others.
Since 1977, the IDB and the CDB have collaborated on areas of common interest. In 2017, both institutions formalized their collaboration through a Memorandum of Understanding (MoU) to support Sustainable Development Goals (SDGs) in the Caribbean. In 2020, they further bolstered collaboration through a Mutual Agreement, focusing on co-financing projects, providing financial and advisory services, promoting partnerships, and fostering knowledge exchange.
The Addendum signed today, along with the new Action Plan, complements the existing Mutual Cooperation Agreement. It emphasized collaborative actions and partnership activities aimed at addressing upcoming development challenges in the Caribbean aligned with IDB's “One Caribbean”, a new regional flagship program that aims to promote the sustainable development of the Caribbean with a sharpened focus on high-impact interventions. The “One Caribbean” program includes four key pillars: climate adaptation, disaster risk management and resilience; citizen and business security; sustainable development through private sector engagement; and food security.
Ilan Goldfajn, President of the IDB, said: "The IDB, IDB Invest and the CDB reinforce today their commitment to identifying synergies and enhancing collaboration for the benefit of the entire Caribbean. Our mutual priorities include boosting regional infrastructure resilience to climate change both physical and digital, enhancing mutual project preparation and execution capacity in priority areas, promoting private sector productivity, growth and development, and exploring financial solutions to extend the organizations' reach and impact in the region. This new chapter with the CDB is aligned and reinforces IDB's new regional program “One Caribbean".
James Scriven, CEO of IDB Invest, said: "No other region has been more affected by climate change than the Caribbean, and bolstering our relationship with the CDB will allow us to support sustainable projects for the local ecosystems, economies and communities."
Dr. Hyginus 'Gene' Leon, President of the CDB, said: "The Addendum to the existing Agreement includes a 3-year action plan for strengthening the resiliency ecosystem including, capacity building on project execution, joint research and knowledge sharing activities and co-financing for private sector growth. These initiatives are critical flagstones along the path to resilient prosperity. We look forward to the enhancing of this partnership with IDB as we could not deliver on these programmes on our own."
Latin America and the Caribbean at COP28
The countries of Latin America and the Caribbean are a critical part of the solution to global climate change challenges. In the IDB Pavilion of the Americas, the Bank is hosting more than 30 events with international leaders and experts to showcase initiatives on climate action, from cutting-edge financial instruments to the conservation and sustainable use of natural resources, the Amazon, a just economic transition, and more. Journalists covering COP28 on site are welcome to visit the pavilion, with no registration required. Consult the event schedule here. For journalists covering COP28 remotely, register to access broadcasts of selected events.
Location: IDB Pavilion of the Americas at Blue Zone Pavilion, Opportunity District (OA04G2).
About the IDB
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 Inter-American Development Bank 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 $16.3 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About the CDB
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 (Canada, China, Germany, Italy and the United Kingdom). CDB’s total assets as at December 31, 2022, stood at US$3.46 billion (bn). These include US$2.06 bn of Ordinary Capital Resources and US$1.40 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, AA+ Stable by Standard & Poor’s and AA+ Stable by Fitch Ratings. Read more at caribank.org.