In a significant move to bolster sustainable development in South America, the Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) have pledged $1 billion over the next five years to support Suriname and Guyana. The announcement was made during President Irfaan Ali’s official visit to Saudi Arabia, where he expressed gratitude for the global confidence in Guyana’s leadership and development strategy. The two institutions also signed a Memorandum of Understanding (MoU) to formalize their renewed partnership, which will focus on key sectors including transportation, energy, urban development, education, health, and resilience. IsDB President Dr. Muhammad Al Jasser emphasized the bank’s commitment to empowering member countries and fostering partnerships that drive sustainable development. Similarly, IDB Group President Ilan Goldfajn highlighted the collaboration’s potential to unlock co-financing opportunities and improve lives in the region. Beyond Suriname and Guyana, the partnership aims to enhance cooperation in other member countries with significant Muslim populations, promoting inclusive growth and climate resilience. President Ali described the initiative as part of Guyana’s success story, showcasing the nation’s positive global engagement and innovative diplomacy. The IsDB, headquartered in Jeddah, Saudi Arabia, and the IDB Group, a leading financier in Latin America and the Caribbean, reaffirmed their shared commitment to knowledge sharing and impactful development solutions.
Ali welcomes Islamic Development Bank, IDB Group’s $1 billion financing for Suriname, Guyana development
