In a historic move, the Caribbean Development Bank (CDB) and the OPEC Fund for International Development have inked a groundbreaking Memorandum of Understanding (MOU) to bolster cooperation and expedite sustainable development across the Caribbean region. The agreement, signed during the International Monetary Fund-World Bank Annual Meetings in Washington, DC, outlines a comprehensive framework for collaboration in critical sectors including climate resilience, renewable energy, food security, infrastructure development, and youth empowerment. This partnership aims to facilitate joint financing initiatives, technical assistance, and knowledge sharing, enabling Borrowing Member Countries (BMCs) to access innovative resources and solutions. CDB President Daniel Best hailed the MOU as a transformative step toward reshaping the region’s development trajectory. He emphasized that strategic alliances between multilateral development banks are essential for addressing global challenges and advancing the Sustainable Development Goals (SDGs). The collaboration will focus on project preparation, regional dialogues, and capacity building, with priority areas such as climate-smart agriculture, water security, digital connectivity, and private sector expansion. Best highlighted the unique synergy between CDB’s regional expertise and the OPEC Fund’s global reach, which he said would unlock unprecedented opportunities for Caribbean nations. The partnership will also support youth empowerment, technical and vocational training, and innovative financing mechanisms like debt-for-sustainability swaps and blue economy projects, further cementing the Caribbean’s role as a leader in climate resilience and sustainable development.

St Thomas, often referred to as Jamaica’s ‘forgotten parish,’ is undergoing a significant transformation, emerging as a vibrant hub for micro, small, and medium-sized enterprises (MSMEs). Spearheaded by the Jamaica Business Development Corporation (JBDC), the parish is witnessing a surge in entrepreneurial activity, particularly in sectors like cosmetology, skincare, aromatherapy, and retail. Located at 49 Queen Street in Morant Bay, the JBDC Business Centre serves as a pivotal resource for local entrepreneurs, offering a range of support services to help them formalize and scale their operations. Selena Whyte, a dedicated business development officer at the centre, has been instrumental in this shift. With years of experience and a deep understanding of the parish’s cultural and economic landscape, Whyte provides hands-on coaching, formalization support, and access to critical resources. Despite the parish’s potential, entrepreneurs in St Thomas face significant challenges, particularly in securing funding. Many MSMEs start with minimal capital, relying on personal savings or family support. Whyte emphasizes that while funding is a major hurdle, other obstacles like marketing, packaging, and market research also impede growth. To address these issues, the JBDC offers a structured program that guides entrepreneurs through business registration, market validation, pricing strategies, and regulatory compliance. Whyte’s commitment to fostering business development is deeply personal, rooted in her own journey from assisting her mother’s corner shop to becoming a trusted advisor at JBDC. She believes that empowering local businesses is key to transforming St Thomas and its communities. Entrepreneurs interested in tapping into this growing business ecosystem can contact Selena Whyte at 876-516-8158 or 876-436-3925 for a consultation.