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Washington, D.C., October 18, 2024 – Suriname today officially became a member of the World Bank Group’s International Development Association, marking a significant milestone in the country’s development journey.

The International Development Association, which provides grants and low-interest loans to low-income countries, has been a transformative force in the Caribbean, addressing the unique challenges of small states. Under an expanded Small States Exception, Suriname can now access International Development Association resources, due to its economic and environmental vulnerabilities.

Support from the International Development Association will be instrumental in helping Suriname strengthen and invest in key areas such as economic diversification, disaster risk management, and community-based initiatives. As a country facing economic volatility and increasing impacts of climate change, Suriname will benefit significantly from concessional financing, designed to help countries build resilience and foster inclusive growth, while promoting transparent and sustainable development financing.

“We are committed to securing sustainable financing that directly adds value to Suriname’s development. With the support of the World Bank’s International Development Association, we can ensure that our investments are strategic and impactful.” said Stanley Raghoebarsing, Suriname’s Minister of Finance and Planning.

Financing and technical assistance from the International Development Association will complement the economic and social reforms undertaken by the country under the International Monetary Fund program and will contribute to building a more sustainable and prosperous future for all Surinamese.

“We are delighted to welcome Suriname as the 175th member of the International Development Association,” said Dirk Reinermann, International Development Association Mobilization Director. “The World Bank Group is committed to supporting Suriname on its development path, providing access to affordable financing and expertise that will help the country reach its development objectives.”

Suriname’s International Development Association membership demonstrates its dedication to sustainable development and resilience building, ensuring that no one is left behind as the country works toward achieving its long-term economic and social goals.