CAF and CDB Sign Landmark MOU to Accelerate Caribbean Development

The signing took place on the margins of the 54th Annual Meeting of the CDB Board of Governors in Brasília, Brazil on June 10, 2025 between Mr. Antonio Silveira, CAF’s Vice President for Private Sector and Dr. Isaac Solomon, CDB’s Vice President Operations, and witnessed by Dr Stacy Richards-Kennedy, CAF’s Regional Manager for the Caribbean as well as Diana Wilson-Patrick, CDB’s General Counsel.  

The MoU formalises areas of collaboration between the two regional institutions related to development project financing, technical assistance, research and policy dialogue, and capacity-building initiatives, to name a few. Together, they will prioritise projects and initiatives in sectors that are vital to the region’s sustainable development, including food, water, and energy security, climate action, resilient infrastructure, digitalization, and private sector development.

This MOU is the product of strategic discussions between the Presidents of both institutions during the CARICOM Heads of Government meeting in Barbados in February as well as the World Bank, IMF Spring Meetings in Washington DC in April. It is testimony to the firm commitment of both institutions to pool their expertise and expand the development assistance available to the Caribbean. 

“I am pleased to see this MOU formalised and we are eager to collaborate even more closely 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 for the benefit of all citizens,” stated Mr. Antonio Silveira, CAF’s Vice President Private Sector.

CDB Vice President Operations Dr Solomon, said, “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. CDB is building a strategic alliance with CAF that will bring real and lasting benefits to Caribbean citizens.” 

CAF’s Regional Manager for the Caribbean Dr. Stacy Richards-Kennedy said, “this partnership is a clear demonstration of CAF’s commitment to working in partnership with key regional institutions and to catalysing development initiatives that deliver greater value to Caribbean SIDS. It is our firm belief that we can accelerate development through strong partnerships and a coordinated approach to addressing the Caribbean’s most urgent priorities.”

With this signing, CAF and the CDB, two of the most influential multilateral development institutions in the Caribbean are strengthening their alignment in purpose and action. This partnership will unlock coordinated financing, shared technical expertise, and more efficient implementation of projects across key sectors such as climate resilience, infrastructure, digital transformation, and human capital development.

The MoU also establishes a framework for coordinated support in times of crisis, such as in response to natural disasters or economic shocks, as well as joint efforts to improve resilience and recovery planning across Caribbean small island states.

This landmark signing builds on the strategic relationship between CAF and CDB, which began with a Joint Statement of Cooperation in 2013, and signals a deepening of their partnership at a critical moment for the Caribbean.

CAF is one of the main sources of multilateral financing for Latin America and the Caribbean (LAC), with annual approvals exceeding USD 14 billion in support of sustainable and inclusive development and regional integration. CAF is also an important generator of knowledge and research with a global vision, serving as a link between Latin America, the Caribbean and the rest of the world.