The Caribbean Development Bank (CDB) and the Government of the Commonwealth of The Bahamas have signed a Memorandum of Commitment. The Memorandum was signed on October 29, 2012, during a recent visit to The Bahamas by CDB President, Dr. Warren Smith, and by Prime Minister of The Bahamas, The Rt. Hon. Perry Christie. In September 2012, during a Mission to The Bahamas, CDB staff held discussions with officials about the Government's development priorities and opportunities for CDB to provide assistance. The Memorandum formally signifies the agreement of the two parties to collaborate with each other to pursue such development objectives and to strengthen the cooperation between them. It covers the exchange of knowledge, information, experiences and achievements; the identification, prioritisation of activities and interventions necessary for the further development of the economy and social sectors of the Commonwealth; and the provision of resources for financing projects and programmes vital to the economic and social development of the Commonwealth and the wellbeing of its peoples. In addition, the Memorandum includes the provision of technical assistance to promote institutional strengthening, capacity building, technology transfer and human resource development; and the monitoring and evaluation of projects and programmes to promote the optimum utilisation of resources and the effective delivery of such projects and programmes.