BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) and the government of the Republic of Korea have strengthened ties by signing a Memorandum of Understanding (MOU). The agreement paves the way for both entities to advance projects targeting the public and private sectors, through Korea’s Economic Development Cooperation Fund, and to support CDB’s current work programme and strategic direction.
Recently appointed CDB vice president finance and corporate services, Gregory Hill, who signed the MOU on behalf of the bank, indicated that he was encouraged by the formalisation of CDB’s relationship with the Republic of Korea.
According to Hill: “We are keen to leverage this agreement to support and expand our initiatives in several priority areas. Of particular interest are collaborations which will yield greater investments in Micro, Small and Medium-sized Enterprises and broader private sector development, the formulation of innovative financing instruments to accelerate the Bank’s Member Countries’ (BMCs) pursuit of the Sustainable Development Goals (SDGs) as well as the advancement of the bank’s multidimensional vulnerability framework.”
Director-General for development finance, ministry of economy and finance of Korea, Kim Jae-hwan signed the MOU on behalf of the Korean side emphasized:
“The ROK-CDB MOU shows Korea’s strong willingness to expand cooperation with Caribbean countries.” He also expressed hope that “Korea’s development experience and financial resources, combined with CDB’s regional expertise, will be able to create new development synergies in the Caribbean.”
Signed on November 24, 2023, the MOU leverages resources and knowledge available in the Republic of Korea and discusses opportunities in renewable energy, disaster and climate change impacts and public sector reforms, education, capacity building, agriculture, water and sanitation, infrastructure, digitalisation, social protection and mainstreaming gender equality among others for partnership.
The focus of the MOU is to finance and promote sustainable, resilient development in the nineteen Borrowing Member Countries of CDB ultimately contributing to resilience building and transforming Caribbean lives.
