PROJECT PROCUREMENT

The Caribbean Development Bank (CDB) finances a wide range of projects that seek to support the socio-economic development objectives of its borrowing member countries (BMCs) and the region.  Annually these projects award contracts with a value approximating USD 50 million.   The responsibility for such projects and the related procurement rests with the Recipient of CDB financing.  The Recipient, typically a government agency, will manage the procurement process and enter into the resulting contract with the relevant consultants, suppliers and contractors.

Such procurement, known as project procurement, is undertaken by the Recipients of CDB financing in accordance with CDB’s procurement guidelines.   These guidelines are essentially harmonised with those of other leading multi-lateral development banks.   They do not apply to procurement which is undertaken by CDB in its own right.

While project procurement is actually undertaken by the Recipients of CDB financing, CDB performs an oversight role to ensure that procurement is carried out in accordance with the Bank’s procurement guidelines and the terms of the relevant financing agreement between the Recipient and CDB.  

CDB has a zero tolerance approach to fraud and corruption on projects it finances and any suspected incidences should be reported to the Office of Integrity, Compliance and Accountability (ICA), an independent office within the bank.

As part of its key strategic objective to promote good governance in the region CDB supports the development of public procurement capacity and the reform of public procurement systems in its BMCs and regards fairness, economy, efficiency and transparency in BMC procurement as critical to maximising the use of scarce resources and achieving the intended development outcomes.

Any inquiries related to project procurement should be made to the Procurement Policy Unit at: procurement@caribank.org

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