WASHINGTON: The Abu Dhabi Fund for Development (ADFD) and CAF - Development Bank of Latin America and the Caribbean have entered into a significant cooperation agreement to bolster sustainable economic growth and address inequalities in Latin America. This partnership, formalized during the Annual Meetings of the International Monetary Fund and the World Bank Group in Washington, sets the stage for enhanced collaboration in project co-financing, investment, and information sharing. According to Emirates News Agency, the agreement establishes a comprehensive framework for joint initiatives between ADFD and CAF. It includes provisions for co-financing and parallel financing of projects, as well as joint investments. The agreement also emphasizes the collaborative development and evaluation of projects for potential financing, fostering a synergy that aims to identify and prepare new investment opportunities. The partnership between ADFD and CAF is rooted in the exchange of information on projects and initiati ves, allowing both entities to leverage mutual knowledge and experience. This dynamic collaboration also leaves room for exploring additional forms of cooperation, offering flexibility to adapt to future challenges and opportunities. Mohamed Saif Al Suwaidi, ADFD Director-General, highlighted the alignment of this partnership with the mission of both organizations to promote sustainable development and economic inclusion in Latin America. He emphasized ADFD's commitment to advancing Sustainable Development Goals (SDGs) through initiatives in climate action, infrastructure development, and social well-being. "Together, we believe that collaboration can lead to sustainable outcomes that truly transform lives," Al Suwaidi stated. Sergio Díaz-Granados, Executive President of CAF, remarked on the significance of the agreement, noting it as a pivotal step in CAF's mission to enhance sustainable development in the region. He expressed optimism about the partnership's potential to create growth opportunities and re duce inequalities in Latin America. "We look forward to a fruitful partnership that will benefit our member countries and their communities," Díaz-Granados added. The agreement emphasizes the commitment of both ADFD and CAF to fostering economic development and improving living standards in developing countries. Combining CAF's extensive experience in Latin America with ADFD's expertise in providing financial resources to developing nations, the collaboration aims to bolster the capacity to support crucial infrastructure, social development, and economic growth projects in CAF's shareholder countries.