The Caribbean Development Bank (CDB) and the Caribbean Community (CARICOM) have signed a Memorandum of Understanding to deepen their collaboration on projects and programmes, with emphasis on capacity building, institutional strengthening and disseminating information on economic and social policy issues.

CDB President Dr. Wm Warren Smith and CARICOM Secretary-General Ambassador Irwin LaRocque signed the MOU at the Lloyd Erskine Sandiford Centre in Barbados on Wednesday, November 6, following the CDB/Government of Barbados/International Monetary Fund’s Ninth Caribbean Forum.

Under the MOU, CDB and CARICOM will cooperate on areas of activity which facilitate regional integration and the expansion of the CARICOM Single Market and Economy (CSME).

The CDB President noted that the two regional bodies shared a long-standing relationship and had common goals of building economic opportunity and prosperity for the people of the Region through deeper regional cooperation.

“This MOU formalises a long-standing partnership between two leading regional organisations sharing a common interest in fostering the economic development of the Caribbean by promoting economic integration and cooperation. We can look forward to even greater collaboration, especially in the areas of capacity building, institutional strengthening, and knowledge and information," he stated.

Secretary General LaRocque stated:

“This is just the latest example of the excellent relationship between the CDB and the Secretariat that has been a feature of the tenure of Dr Smith. All the areas cited in this MOU are critical to the development of our Community and the ultimate benefit of the people.”

Critical areas for regional cooperation covered in the MoU include the CSME, education, disaster risk reduction, economic integration, regional transport and energy.