June 15, 2022, PROVIDENCIALES, Turks and Caicos Islands — The African Development Bank Group and the Caribbean Development Bank strengthened their collaboration with the signing of a memorandum of understanding (MOU). African Development Bank Group President Dr. Akinwumi Adesina and Caribbean Development Bank President Dr. Hyginus ‘Gene’ Leon signed the MOU in Providenciales during the CDB’s 52nd Annual Meeting. Under the MOU, the two institutions will collaborate on economic diversification initiatives, with an emphasis on deploying technological and digital transformation solutions in commerce, trade, public services, and financial intermediation and inclusion. They will join forces to promote trade between Africa and the Caribbean, work together on sustainable development of micro, small and medium-sized enterprises, and play a catalytic role in making their regional economies more resilient.
Adesina said: “Our challenges and the solutions that we must pursue to address them are similar. Together, we are catalyzing the development of our respective regions, making a difference in the lives of our people, ensuring that impact is strong and lasting, and shaping the global narrative about our respective regions and institutions.” Leon said: “Deepening partnerships and knowledge sharing are critical for us to realise the transformative development of our respective regions as we envision. This agreement will not only strengthen our relationship with the African continent but also further fuel the innovative path we are pursuing in areas of mutual interest beneficial to all.”