CDB signs MOU with OPEC Fund to accelerate regional development

Published on October 27, 2025

The Caribbean Development Bank has signed a Memorandum of Understanding (MOU) with the OPEC Fund for International Development, establishing a strategic framework for collaboration aimed at unlocking new financing opportunities and driving sustainable growth across the Caribbean.

The agreement sets the stage for parallel financing and co-financing of projects in critical sectors such as climate resilience, renewable energy, resilient infrastructure, food security, trade finance, and youth empowerment.

It also promotes knowledge sharing, technical assistance, and capacity building, ensuring that Borrowing Member Countries (BMCs) benefit from innovative solutions and expanded access to resources.

Speaking at the signing ceremony last week on the margins of the International Monetary Fund-World Bank Annual Meetings in Washington D.C., Mr. Daniel Best, President of CDB, underscored the transformative power of collaboration.

The MOU outlines joint activities including project preparation, technical assistance, and regional dialogues to advance inclusive and green development. Areas of focus range from climate-smart agriculture and water security to digital connectivity and private sector growth, all aligned with CDB’s mission to foster resilience and reduce poverty.