IsDB and Guyana Launch New Country Engagement Framework

The Islamic Development Bank (IsDB) Group and the Government of the Co-operative Republic of Guyana jointly launch a new Country Engagement Framework (CEF) for the period of 2024-2026.

Georgetown, Guyana, 25 September 2023 – The Islamic Development Bank (IsDB) Group and the Government of the Co-operative Republic of Guyana have jointly launched a new Country Engagement Framework (CEF) for the period of 2024-2026.

The CEF is a strategic document that outlines the priority areas and sectors for IsDB Group's interventions in Guyana, in alignment with the country's national development plan and the IsDB Group's realigned strategy.

The CEF was exchanged between IsDB President, H.E. Dr. Muhammad Al Jasser, and Guyana’s President, H.E. Dr. Mohamed Irfaan Ali, during a bilateral meeting held in State House in Georgetown on 25th September 2023. This CEF is exclusive as it marks the first of its kind to be launched by the IsDB Group and the first engagement strategy to be deployed with Guyana.

Guyana is the newest member of the IsDB Group, having joined in 2016. Since then, the IsDB Group has provided a total of US$ 235.6 million in financing for projects in the agriculture, energy, and education sectors in Guyana. The CEF aims to enhance the development impact and effectiveness of the IsDB Group's operations in Guyana, by leveraging the synergies and complementarities of the Group's entities and instruments.

The CEF also reflects IsDB Group's commitment to supporting Guyana's transition to a green and resilient economy, in line with the country's vision of becoming a net-zero carbon emitter by 2025.

Pillars and Sectors

The CEF is structured around two main pillars. The first pillar focuses on establishing green, resilient, and sustainable infrastructure, which not only supports the burgeoning oil and gas industry but also encourages diversification in sectors such as agro-industry, tourism, and mining. This pillar encompasses various interventions in energy, transportation, water management, affordable housing, renewable energy, multi-modal transport, rural development, ICT advancement, social infrastructure, urban planning, and sanitation. The second pillar targets economic diversification and business enhancement by addressing financial market expansion, SME support, and enhancing healthcare and education infrastructure. Additionally, cross-cutting pillars include Islamic finance, women and youth empowerment, climate adaptation, and capacity development through collaborative partnerships.

Financing and Implementation

IsDB Group’s Guyana Country Engagement Framework allocates US$197.6 million to support economic transformation and sustainable development over the next three years while effectively addressing its developmental constraints. Prioritizing infrastructure development, strengthening the agriculture sector, enhancing human capital development, and supporting the private sector, the CEF aspires to create an environment conducive to inclusive and sustainable economic growth. The IsDB Group's Regional Hub of Paramaribo, Suriname, will work closely with the Government of Guyana and other stakeholders to ensure the timely and effective implementation of the projects outlined in the CEF. The IsDB Group will also provide technical assistance, knowledge sharing, and capacity building to enhance the institutional and human development of Guyana.