IsDB President and Guyana’s Minister of Finance Sign New MoU for Country Engagement Framework

Jeddah, Saudi Arabia, 12th May 2023 – The Government of Guyana and the Islamic Development Bank (IsDB) have signed a Memorandum of Understanding to launch the process for preparing the IsDB Group 2023-2025 Country Engagement Framework (CEF) for the country.

This marks a significant milestone in the fruitful and even more promising cooperation between the Islamic Development Bank Group, the AAA-rated Multilateral Development Bank (MDB) of the Global South, and the Government of Guyana. Guyana stands as the latest country to join the IsDB in 2016 as its 57th member country.

During the ceremony, IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and Guyana’s Minister of Finance, Dr. Ashni K. Singh, who is also IsDB Alternate Governor for the country, saw the two sides put their signatures to an MoU which defines the structure of this new CEF.

The IsDB Group's Regional Hub of Paramaribo & Suriname, in leading the CEF exercise, will work closely with the Government of Guyana to ensure that national priorities are precedent in the resulting programming outlined in the CEF.

This new CEF will be built on two pillars: 1) Green, Resilient & Sustainable Infrastructure which will be operationalized through the Energy, Transport, Water, and Affordable Housing sectors, and 2) Supporting Economic Diversification & Doing Business implemented via the ICT, TVET, Digital, Agro-Industry, Tourism, Mining, Inclusive financing of the economy and SMEs sectors.

These pillars and the sectoral focus areas were selected through a participative process between the Islamic Development Bank Group, the Government of Guyana, and relevant private sector stakeholders.

Guyana is the latest country to join The Group with promising perspectives ahead to extend cooperation. Since the approval of its first operation in 2016, total financing in Guyana has reached US$ 235.1 million without operations from Entities which will surely be heightened over the coming years. IDB has so far mainly funded projects in agriculture, energy, and education but intends to improve developmental impacts through the CEF and by leveraging the Group wide’s effort. The Islamic Development Bank Group is committed to supporting the Government of Guyana's efforts to deliver broad-based, inclusive, and sustainable economic development. Upon signing this MoU, discussions will continue with the Government of Guyana to determine a straightforward work program with a well-defined timeline under the umbrella of the CEF.