The Inter-American Development Bank (IDB) 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 mobilization, 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 (social inclusion and equality, productivity and innovation, and economic integration); together with the three crosscutting issues that are an integral part of the work of the IDB Group (gender equality and diversity, climate change and environmental sustainability, and institutional capacity and the rule of law), as they support the Sustainable Development Goals (SDGs) and the Paris Agreement on efforts to combat climate change.
This amendment supports the implementation of the Institutional Strategy Update in the areas of technology and innovation, resource mobilization, together with sustainability, institutional capacity and the rule of law, 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.
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.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
Source: IDB News Releases