Riyadh: The Islamic Development Bank (IsDB) Group and the Inter-American Development Bank (IDB) Group have signed a Memorandum of Understanding (MoU) in Riyadh, committing to provide at least $1 billion over the next five years to fund development projects in Suriname and Guyana.

According to Saudi Press Agency, the partnership aims to foster inclusive and sustainable development in both nations, prioritizing sectors such as transport, energy, urban development, education, rural development, health, and resilience. The collaboration is intended to enable transformative projects that will improve livelihoods and strengthen resilience.

Dr. Muhammad Al Jasser, President of the IsDB Group, emphasized the bank's dedication to helping member countries achieve sustainable development goals. He stated that the renewed partnership with the IDB Group and the Islamic Development Investment Fund will facilitate the implementation of projects that promote shared prosperity in Suriname and Guyana.

The agreement also seeks to enhance cooperation between the two institutions in strategic sectors, including trade and investment, with a focus on digital trade, tourism, and public-private partnerships. Additionally, it aims to develop sustainable transport solutions to improve regional connectivity and climate resilience.