IDB starts public consultation to expand procurement policies in the Caribbean

By CMC

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IDB headquarters in Washington.

WASHINGTON, Feb. 28, CMC – The Inter-American Development Bank (IDB) says it has formulated an ambitious Expansion of Procurement Policies in order to facilitate the implementation of the bank’s Institutional Strategy in Latin American and the Caribbean.

On Wednesday, the Washington-based financial institution said the strategy “reaffirms the commitment to promote initiatives that address the main challenges of Latin America and the Caribbean.”

These include the adoption of information and innovation technologies, and attention to cross-cutting issues, such as gender diversity and equality, climate change and environmental sustainability, institutional capacity and resource mobilization.

The IDB said other aspects in which the Expansion of Procurement Policies seeks to contribute to the implementation of the updated Institutional Strategy are the incorporation of strategic aspects, such as the modernization and expansion of purchasing notions and including agile acquisition methods, “that are adaptable to the new economic needs of the region.”

“Also noteworthy is the expansion of the menu and the scope of the evaluation criteria available in the competitive procurement processes, the inclusion of the notion of sustainable purchases, and the updating and development of the notions of value for money,” the IDB said.

Katharina Falkner-Olmedo, Division Chief, Financial Management and Procurement Services of the IDB said: “It is a priority for us to support the Institutional Strategy update and connect clients with innovative solutions.

“Therefore, we always seek to adapt to the newest in the market and anticipate the future needs of the business,” she added.

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