Last Updated on Wednesday, 29 October 2025, 21:49 by Writer
President Irfaan Ali on Wednesday welcomed the US$1 billion pledge by the Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) to support development in Suriname and Guyana over the next five years, and signing of a memorandum of understanding (MoU).
“Guyana continues to enjoy strong response from the global market. There is tremendous confidence in our leadership, development priorities, economic stewardship and overall strategy in sustainable and resilient transformation,” he said in a brief reaction from Saudi Arabia where he is on official business.
The Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) renewed their strategic partnership, pledging $1 billion over the next five years to support development in Suriname and Guyana and signing a memorandum of understanding (MoU).
The renewed collaboration between the IsDB and the IDB Group will focus on advancing inclusive and sustainable development in both countries, with investments in key sectors, such as transportation, energy, urban development, education, rural development, health, and resilience.
“At the Islamic Development Bank, we are committed to empowering our member countries and fostering partnerships that advance sustainable development. This renewed engagement with the IDB Group allows us to jointly deliver transformative projects that will enhance livelihoods, strengthen resilience, and promote shared prosperity in Suriname and Guyana,” said IsDB President H.E. Dr. Muhammad Al Jasser in a joint statement.
“We are joining forces with the Islamic Development Bank to unlock new co-financing opportunities in Guyana and Suriname, as well as cooperation with other member countries, to build resilience, foster inclusive growth, and improve lives,” said IDB Group President Ilan Goldfajn also in the joint statement.
Beyond Suriname and Guyana, the partnership supports broader collaboration in common member countries and IDB member countries with significant Muslim populations.
The MoU also aims to deepen cooperation between the two institutions in areas that promote inclusive growth, including trade and investment, as well as sustainable transportation solutions that enhance regional connectivity and climate resilience.
The institutions reaffirmed their shared commitment to knowledge sharing and delivering impactful development solutions, as well as strengthening cooperation among Latin America and the Caribbean, Gulf States, and other stakeholders.
In his reaction, President also said “Everywhere our story is one of positivity, creativity, innovation, vision and frankly speaking admiration all of which is not only humbling but showcases a Guyana we all should be proud of. Our diplomacy and expansion in partnership is also allowing us a wider spread and deeper engagement across various institutions and markets. This announcement is part of our success story.”
The IDB Group is the leading source of financing and knowledge for improving lives in Latin America and the Caribbean. It comprises the IDB, which works with the region’s public sector and enables the private sector, IDB Invest, which directly supports private companies and projects, and IDB Lab, which spurs entrepreneurial innovation.
Rated AAA by the major rating agencies of the world, the IsDB is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale.
The Bank brings together 57 member countries across four continents, touching the lives of nearly 1 in 5 people worldwide. It is committed to addressing development challenges and promoting collaboration to help achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential.
Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has ten regional hubs and a center of excellence.
Over the years, the Bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), and the Islamic Solidarity Fund for Development (ISFD).
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