Islamic and Inter-American Development Banks Pledge $1 Billion for Guyana, Suriname

In a significant step toward strengthening South-South cooperation and advancing inclusive development, the Islamic Development Bank (IsDB) and the Inter-American Development Bank Group (IDB Group) have renewed their strategic partnership, committing $1 billion over the next five years to support sustainable development in Suriname and Guyana. The renewed collaboration was formalized through the signing of a memorandum of understanding (MoU) that outlines a broad agenda for joint investment and cooperation.

A Renewed Partnership for Sustainable Growth

Under the new agreement, both multilateral institutions will channel financing and technical assistance toward projects that promote economic diversification, resilience, and social inclusion. The partnership will target critical sectors including transportation, energy, urban development, health, education, rural development, and climate resilience — areas seen as vital for accelerating long-term growth and improving quality of life in the two countries.

"At the Islamic Development Bank, we are committed to empowering our member countries and fostering partnerships that advance sustainable development," said IsDB President Dr. Muhammad Al Jasser. "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."

Expanding Cooperation Across Regions

The Inter-American Development Bank Group, which plays a leading role in supporting economic and social development in Latin America and the Caribbean, emphasized that the partnership builds on an established record of cooperation between the two institutions.

"We are joining forces with the Islamic Development Bank to unlock new co-financing opportunities in Guyana and Suriname, as well as in other member countries, to build resilience, foster inclusive growth, and improve lives," said IDB Group President Ilan Goldfajn.

The partnership's scope extends beyond Suriname and Guyana to include common member countries and IDB member states with significant Muslim populations, enabling both institutions to exchange knowledge and share best practices in sustainable financing, Islamic finance, and infrastructure development.

Focus on Climate Resilience and Connectivity

One of the core priorities of the MoU is enhancing regional connectivity and climate resilience. The Caribbean and northern South America face mounting challenges from climate change, rising sea levels, and natural disasters — issues that have intensified in recent years. By pooling resources and expertise, the IsDB and IDB Group aim to develop sustainable transportation networks, low-carbon energy systems, and urban infrastructure that can withstand environmental pressures.

Both banks also underscored the importance of inclusive economic models that prioritize marginalized communities, women, and youth. These efforts will be complemented by programs to strengthen trade and investment flows, promote private sector development, and support human capital formation through education and vocational training.

Knowledge Sharing and South-South Cooperation

The renewed collaboration reinforces the growing role of multilateral partnerships in bridging regions through shared development agendas. The IsDB and IDB Group agreed to deepen knowledge exchange between Latin America and the Caribbean, the Gulf States, and other developing economies, aligning with global goals for sustainable development and cross-regional cooperation.

Through joint technical missions, policy dialogue, and research programs, the institutions will collaborate on innovative financing models, including Islamic finance mechanisms and green investment instruments that support inclusive growth while addressing the challenges of environmental sustainability.

Strengthening Development Ties Between the Islamic and Latin American Worlds

The $1 billion initiative represents not just financial investment but a strategic bridge linking two major development institutions from distinct regions. For Suriname and Guyana — both of which are members of the Islamic Development Bank and key partners of the IDB Group — the agreement brings a unique opportunity to leverage resources from both organizations for national and regional transformation.

By aligning their priorities with the UN Sustainable Development Goals (SDGs), the two banks reaffirmed their shared mission: to reduce poverty, advance equality, and promote resilient and sustainable economies.

"The partnership symbolizes a commitment to collaboration beyond geography," said an IsDB spokesperson. "It reflects the power of multilateral cooperation in addressing global challenges and delivering tangible results for people on the ground."

Looking Ahead

With the signing of this MoU, the IsDB and IDB Group have charted a path toward deeper engagement over the next five years — one that emphasizes shared prosperity, innovation, and sustainable progress. The partnership is expected to yield a portfolio of transformative projects, reinforcing the potential of cross-regional alliances to deliver meaningful development outcomes in an increasingly interconnected world.