African and Caribbean Development Banks Strengthen Cooperation

PROVIDENCIALES, Turks and Caicos Islands – The African Development Bank Group (ADB) and the Barbados-based Caribbean Development Bank have signed a memorandum of understanding (MOU) aimed at strengthening their collaboration in various areas.

ACmouSADB President Dr. Akinwumi Adesina, (left) and CDB President, Dr. Gene Leon sign MOUUnder the agreement, the two institutions will collaborate on economic diversification initiatives in their respective regions, with an emphasis on deploying technological and digital transformation solutions in commerce, trade, public services, and financial intermediation and inclusion.

The two regional development banks will join forces to promote trade between Africa and the Caribbean and will also collaborate on the sustainable development of micro, small and medium sized enterprises.

“Our challenges and the solutions that we must pursue to address them are similar. Together, we are catalyzing the development of our respective regions, making a difference in the lives of our people, ensuring that impact is strong and lasting, and shaping the global narrative about our respective regions and institutions,” said ADB president, President Dr. Akinwumi Adesina, at the signing ceremony.

CDB president Dr. Gene Leon said “deepening partnerships and knowledge sharing are critical for us to realize the transformative development of our respective regions as we envision.

“This agreement will not only strengthen our relationship with the African continent but also further fuel the innovative path we are pursuing in areas of mutual interest beneficial to all,” he added.

As a result of the MOU, the two financial institutions will also play a catalytic role in making their regional economies more resilient, especially for those most vulnerable.

“Collaboration by the financing agencies will promote the development of and access to innovative financing instruments to encourage the flow of funds into the two regions,” the CDB said in a statement.