OPEC Fund and Caribbean Development Bank deepen collaboration for resilient and inclusive regional development

The OPEC Fund and the Caribbean Development Bank (CDB) have signed a new Memorandum of Understanding (MoU) to enhance cooperation and expand joint initiatives supporting sustainable growth across the Caribbean.

The agreement will strengthen collaboration on climate action, renewable energy, infrastructure, water and sanitation, transport, and social development, while promoting knowledge sharing, technical assistance, and co-financing of projects that boost resilience and economic opportunities in the region.

“The Caribbean faces both significant challenges and remarkable opportunities,” said OPEC Fund President Abdulhamid Alkhalifa. “Together with the CDB, we aim to channel investment where it has the greatest impact, helping countries enhance resilience and accelerate sustainable growth.”

The OPEC Fund and CDB’s partnership dates back to 1978, having jointly supported 11 public sector operations worth over US$140 million in sectors such as education, agriculture, water and transport. The new MoU sets the stage for closer strategic cooperation to address the Caribbean’s development priorities in an integrated and forward-looking way.

The OPEC Fund is increasingly prioritizing Small Island Developing States (SIDS) through its 2025–2027 SIDS Strategy, which emphasizes tailored support for climate resilience, concessional finance and capacity building.