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IDB updates its procurement policies

Friday, August 23, 2019

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WASHINGTON, United States (CMC) — The Washington-based Inter-American Development Bank (IDB) says it has carried out an ambitious “Amendment to its Procurement Policies” intended to support the implementation of the bank's institutional strategy in such areas as technology and innovation, resource mobilisation, as well as in the aspects of sustainability, institutional capacity and rule of law.

“The strategic priorities defined in the first Update of the Institutional Strategy remain crucial for Latin America and the Caribbean, these priorities include the major outstanding development challenges together with the three crosscutting issues that are an integral part of the work of the IDB Group…as they support the Sustainable Development Goals (SDGs) and the Paris Agreement on efforts to combat climate change,” the IDB said in a statement.

It said that amendment supports the implementation of the Institutional Strategy Update in order to incorporate modern procurement methods and procedures that enable mainstreaming of innovation and technological advances, tailored to clients' needs, and expands the concept of Value for Money (VfM); while maintaining high standards of integrity and transparency.

The amendment features new methods, procedures and concepts aligned with international best practices, for use in investment projects, particularly in the case of complex, large-scale or innovative projects, where the methods of requesting and evaluating bids differ from conventional mechanisms based only on price.

The IDB said that during the upcoming months, a dissemination and implementation strategy will be launched prior to the entry into force of the new versions, scheduled for January 1, 2020.


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