CDB and Mexico Development Bank enter into an MOU to support regional infrastructure development

​The Caribbean Development Bank (CDB) has entered into a memorandum of understanding with the government of Mexico’s development bank, Banco Nacional de Comercio Exterior (Bancomext), acting as the Trustee of the Infrastructure Fund for the Countries of Mesoamerica and the Caribbean (FIMCA, also known as Fondo Yucatán) to support regional infrastructure development. As part of the agreement, CDB will act as a financial intermediary for the fund.
 
FIMCA will assist governments of CDB’s borrowing member countries (BMCs) with reducing infrastructure deficits that remain a major impediment to economic growth. Resources of approximately US$70 million are available from the fund, and accessible through various financial intermediaries, to Caribbean as well as to Central American countries.
 
“Substantial investment in upgrading and expanding the infrastructure is vital for job creation, and provides a solid pillar for sustained economic growth and poverty reduction in our region. The Mexican infrastructure fund will make a much-needed contribution to closing the huge infrastructure deficit that exists in CDB’s BMCs. It marks yet another milestone in Mexico’s ongoing commitment to assisting our region to meet its development objectives,” said CDB president, Dr Warren Smith.