The Caribbean Improvement Financial institution (CDB, the Financial institution) in partnership with the Organisation of Japanese Caribbean States Fee (OECS) and the World Financial institution hosted a two-day occasion for regional companies to take full benefit of procurement alternatives supplied by their tasks.
The initiative, referred to as the CDB, OECS, WB Procurement Honest, befell in Saint Lucia on September 4-5. It introduced collectively over 600 suppliers, contractors, and consultants to offer them with helpful info and instruments to submit profitable bids for tasks funded by these organisations.
Doug Fraser, the Head of Procurement at CDB, emphasised the significance of the collaboration, “The Financial institution recognises the essential function that the personal sector performs in offering items, works and providers to the tasks we finance to assist our shoppers to attain their growth outcomes… With out suppliers, contractors and consultants none of our tasks can be potential. Our engagement right here with the personal and public sector offers options and improvements which might be key to driving Caribbean financial growth and lowering poverty.”
Authorities procurement performs a big function within the Caribbean financial system, accounting for a big a part of the area’s Gross Home Product (GDP). Enhancing procurement processes will help make higher use of restricted assets, stimulate personal sector development, and assist the event of stronger, extra inclusive economies.
Remarking on the worth procurement can add to native economies, Lilia Burunciuc, World Financial institution Director for the Caribbean mentioned, “Within the OECS, the World Financial institution funds tasks totaling US$75M. Every mission presents alternatives for native distributors, and we’re happy to construct capability – with the Caribbean Improvement Financial institution and the OECS Fee as companions – among the many personal sector, such that they’ll more and more benefit from these alternatives.”
The occasion not solely supplied precious info to potential contractors but additionally aimed to make sure that procurement for CDB’s tasks is finished effectively. By familiarising bidders with the necessities and processes of the financing company, the occasion helped improve their possibilities of success. In 2023 alone, CDB awarded over USD 170 million in contracts for varied tasks, providing important alternatives for Caribbean suppliers.
Commenting on the regional exercise, OECS Director Normal Dr. Didacus Jules said “The OECS is dedicated to fostering regional financial development by enhancing procurement alternatives for our companies. By strategic partnerships like this one with the CDB and the World Financial institution, we purpose to empower Caribbean suppliers, contractors, and consultants with the information and instruments they should compete efficiently in world markets. Within the context of our Financial Union, we add worth to Member States by means of pooled procurement of essential inputs to their prosperity and well-being on the most cheap costs. By bettering procurement processes, we will drive financial inclusion, maximise the area’s assets, and contribute to the sustainable growth of our economies.”
Different audio system on the occasion included Roselyn Opel, Head of Pooled Procurement Companies on the OECS Fee who highlighted that the Procurement Unit on the OECS Fee is dedicated to upholding transparency, probity, accountability, competitors, equity, effectivity and effectiveness in all processes. Additionally in attendance was Luciano Gutierres Wuerzius, Procurement Specialist on the World Financial institution, together with mission leaders from completely different sectors corresponding to power, atmosphere, youth, well being, training, and infrastructure.
