MoU World Bank and Government of Curaçao

On Thursday September 15th the World Bank and the Government of Curaçao signed a Memorandum of 20160915-img_4375-2Understanding (MoU) focused on strengthen the relations and promoting the exchange of knowledge and expertise in areas of mutual interest. The Country Director for the Caribbean at the World Bank Ms. Sophie Sirtaine came to Curaçao for the official signing ceremony. The Government of Curaçao was represented by the Minister Economic Development.

The Minister of Finance was also involved in the process to get to this MoU. Both ministers were happy this MoU was signed as it is an expression of Curaçao’s desire to establish meaningful working relationships with strategic international partners in support of Curaçao’s long term sustainable development goals.

The first two projects to be executed under the terms of this MoU, are already underway. The World Bank will help Curaçao establish one development finance institute by facilitating cooperation between Korpodeko, CDI and OBNA in the short term and integrating them in one organization in the long term.

Secondly the World Bank will support Curaçao in creating a framework to fund projects based on the principles of public-private partnership. This is an alternative way of financing and executing projects is used more and more all over the world and decreases the need for public funds by large projects. As a result, more projects can be executed, increasing the economic impact.

Although the Kingdom of the Netherlands is one of the founding members of the World Bank, Curaçao and the World Bank do not have a long working relationship. Both ministers hope this MoU is the start of a new and fruitful relationship, and are looking forward to reap the benefits of this cooperation.

The conclusion of this MOU was a team effort. Heading efforts in Curaçao were the Ministry of Economic Development, the Ministry of Finance, the Curaçao Development Institute (CDI) and the Directorate of Foreign Relations (DBB). Curaçao’s Minister Plenipotentiary in Washington DC also delivered valuable support. The Office of the Country Director for the Caribbean was instrumental in moving this project forward within the World Bank.