- Projects will focus on supporting SMEs, gender, diversity and inclusion, renewable energy and digitalization
IDB Invest and CIBC Caribbean have announced an agreement establishing a Memorandum of Understanding (MoU), signaling a significant step toward collaborative efforts in advancing sustainable development across the Caribbean region. James Scriven, CEO of IDB Invest, and Mark St. Hill, CEO of CIBC Caribbean, participated in the signing ceremony.
The MoU creates a comprehensive framework of cooperation between the two financial institutions, focusing on initiatives aimed at fostering the growth of small and medium-sized enterprises (SMEs); championing gender, diversity, and inclusion (GDI) efforts; promoting renewable energy and energy efficiency; and driving digitalization. The partnership also aims to bolster climate-resilient financing across sectors, aligning with broader sustainability goals.
“We are honored to maximize collaboration efforts with CIBC Caribbean, combining resources and sharing knowledge to scale the impact in the Caribbean region,” James Scriven, CEO, IDB Invest.
“As we forge this strategic partnership with IDB Invest through the signing of our MoU, we are not just pledging to support sustainable finance and resilient infrastructure; we are also committing to the heart and soul of the Caribbean,” stated Mark St. Hill. Chief Executive Officer of CIBC Caribbean. “Our collaboration recognizes the alignment of our organization’s vision to foster transformation in environmental and social initiatives that will empower our communities and strengthen our islands. This is more than an agreement; it’s a promise to our future.”
The objective of the partnership is to formalize a strategic alliance that facilitates seamless collaboration between IDB Invest and CIBC Caribbean. By leveraging their respective strengths and resources, both organizations are poised to drive impactful programs and projects that support sustainable development in the Caribbean.
Under the MoU, both parties have committed to active participation and collaboration in several key areas including financing projects for economic cooperation and development impact, supporting biodiversity and ecosystem services creating short-term facilities and risk-sharing solutions, facilitating local currency funding for long-term projects, optimizing resource utilization strategies, and promoting various areas of cooperation such as financial and advisory services and private-public partnerships.
Furthermore, the collaboration will extend to the usage of financing solutions; guarantees, loans, co-financings, capital market issuances among others, across the identified thematic areas. Additionally, the parties will collaborate on the development of critical infrastructure projects across the region. The MoU also provides for the exchange of information and consultation to identify further areas for cooperation, including environmental, social, and governance sustainable actions and corporate governance.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About CIBC Caribbean
CIBC Caribbean is a leading pan-Caribbean institution offering a full suite of products and services to its personal, business, corporate and sovereign clients throughout the region. CIBC Caribbean has proudly operated in the region for over 100 years, with operations in 12 regional markets and over 2,650 staff across 48 full-service branches. CIBC Caribbean is a member of the CIBC Group, a leading North American financial institution with over 150 years of banking experience, serving clients in Canada and around the world. CIBC is rated Aa2/A+/AA/AA by Moody’s, Standard & Poor’s, DBRS and Fitch respectively. CIBC Caribbean aims to be the first choice for financial services in the region by putting our clients at the heart of everything we do. We offer clients a full-service team dedicated to providing the highest quality of customer service.