The Caribbean Growth Financial institution (CDB, the Financial institution) and the Worldwide Fund for Agricultural Growth (IFAD) have signed a landmark Settlement to boost the effectiveness of mission procurement processes.
This Settlement, which applies to joint co-financed initiatives, is designed to simplify procurement procedures, cut back transaction prices, and enhance mission planning and execution throughout the Caribbean.
The Procurement Framework Settlement builds on the longstanding partnership between CDB and IFAD. It establishes a collaborative construction the place each establishments will mutually depend on one another’s procurement insurance policies in collectively funded initiatives. This revolutionary method addresses the complexities arising from various procurement frameworks of worldwide establishments, which regularly end in inefficiencies throughout mission implementation.
By recognising that the 2 organisations share core procurement ideas of economic system, effectivity, transparency, equity, and accountability, the Settlement permits for mutual reliance on their respective mission procurement frameworks and establishes efficient mechanisms for cooperation. That is anticipated to significantly facilitate a greater division of labour between the 2 companions, together with extra constant and well timed mission procurement implementation.
Talking on the ceremonial signing, Therese Turner-Jones, CDB’s Performing Vice President, Operations, remarked, “This settlement is a crucial step in enhancing the effectivity and effectiveness of how we implement co-financed initiatives. By enabling the adoption of streamlined procurement preparations in joint co-financed initiatives, we’re decreasing the burden on beneficiaries, enabling quicker mission execution, and finally delivering higher growth outcomes for the Caribbean area.”
Donal Brown, Affiliate Vice-President of IFAD’s Programme Administration Division, acknowledged, “The mutual reliance established by this settlement is a testomony to the robust partnership between IFAD and CDB. Our collaboration won’t solely streamline processes but in addition be sure that agricultural and rural growth initiatives within the Caribbean are carried out with the best requirements of effectivity and accountability.”
The brand new Procurement Framework Settlement will considerably promote future collaboration between the 2 establishments and improve their skill to co-finance growth initiatives within the agriculture and rural growth sectors. This partnership is poised to result in better coherence, growth influence, and improved service supply throughout the Caribbean. Caribbean.
