News / IFC and CDB sign MOU to support infrastructure PPPs in the Caribbean

IFC and CDB sign MOU to support infrastructure PPPs in the Caribbean

🕔 January 30, 2014
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On 24 January 20014,  International Finance Corporation (IFC), a member of the World Bank Group, signed a Memorandum of Understanding with the Caribbean Development Bank (CDB) to support public-private partnerships in infrastructure projects in the Caribbean.

The Memorandum of Understanding between IFC and CDB establishes close cooperation between these two institutions to advise Caribbean governments at the national and sub national levels in the development of new infrastructure projects with private participation.

Under the memorandum, CDB and IFC would collaborate in a variety of areas, including helping to conduct due diligence, identify suitable private sector partners and structure projects with government authorities to ensure a transparent and competitive bidding process. Renewable energy, education, transportation, and water and sanitation projects are the focus of cooperation, though the memorandum does not exclude other potential sectors.

This initiative is supported by the Department of Foreign Affairs, Trade and Development Canada (DFATD), which has been an important partner in providing financial support for IFC's work in the Caribbean. The intent is to leverage DFATD funding, alongside other donor funding mobilised by CDB and IFC, to promote public-private partnerships in the Caribbean.

The IFC has already invested in several PPP projects in the Caribbean, such as the Sangster International Airport, Air Jamaica Privatisation and the Grenada PPP Hospital.

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