Islamic Development Bank and IDB Group Announce $1 Billion Financing for Development in Suriname and Guyana

RIYADH - 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 will focus on advancing inclusive and sustainable development in both countries, with investments focused on 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.

"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.

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.