CDB and CAF Sign MOU to accelerate Sustainable Development across the Caribbean

The Caribbean Development Bank (CDB) and CAF – Development Bank of Latin America and the Caribbean earlier this month signed a Memorandum of Understanding (MOU) aimed at boosting cooperation in key sectors that are essential to accelerating sustainable development for the Caribbean region.

The MOU, which was signed on June, 10, 2025 by CDB Vice President (Operations), Dr Isaac Solomon, and CAF Vice President for Private Sector Antonio Silveira, underscores the institutions’ shared commitment to sustainable growth, resilience, and inclusive development across CARICOM countries, a CDB release states. The agreement sets the stage for deeper collaboration in areas critical to Caribbean well-being, including food, water and energy security, resilient infrastructure, climate action, private sector development, and digitalisation. It also enables the banks to explore joint operations, parallel and co-financing, technical assistance, and knowledge sharing.

“This MOU is more than a document, it is a commitment to the people of the Caribbean. It gives us the platform to scale up financing, unlock innovation, and deliver more timely, coordinated solutions to the most pressing challenges our countries face from climate shocks to infrastructure gaps and economic stagnation,” Dr Solomon commented.

“CDB is building a strategic alliance with CAF that will bring real and lasting benefits to Caribbean citizens.”

The CAF Vice President for Private Sector, Antonio Silveira said, “I am pleased to see this MOU formalised and we are eager to strengthen our collaboration with the CDB to advance projects and initiatives that will impact the lives of Caribbean people. We believe that we can help accelerate the implementation of priority investments in the region by aligning our financing instruments, knowledge, and technical capacity. Together, we are fully committed to supporting the Caribbean’s sustainable and inclusive growth with new solutions that can be deployed while maintaining our focus on agility and flexibility”.

With this agreement, both institutions will leverage their comparative strengths to respond faster and more flexibly to regional development needs. The partnership will directly support national and regional development priorities, as well as the Sustainable Development Goals. The joint agenda includes mechanisms for institutional strengthening, staff exchanges, post- disaster recovery support, and tailored financing instruments for micro, small and medium enterprises.

The MOU, which was signed at the CDB’s 55th Annual Meeting which took place in Brasilia, Brazil, from June 9-12, was witnessed by the CDB’s General Counsel, Diana Wilson-Patrick and Dr Stacy Richards-Kennedy, CAF Regional Manager for the Caribbean. The banks’ leaders stressed that the collaboration will strengthen the capacity of countries to design and deliver high-impact, climate-resilient, people-centred development initiatives while enabling the Banks to scale the response to crises and partner more effectively on complex development challenges.