Fifteen Multilateral Development Banks (MDBs), including the Caribbean Development Bank, have jointly developed and launched a comprehensive framework and assessment tool to strengthen Value for Money (VfM) in infrastructure procurement.

Developed by the Heads of Procurement across participating institutions, the framework responds to increasing expectations for transparency and accountability in the use of public funds. Importantly, it reflects a shift toward procurement strategies that are cost-effective, but also aligned with broader development goals, including sustainability and public value. 

At its core, the new tool provides practical guidance to help align VfM objectives with project design and embed them throughout the procurement cycle. It supports a structured approach to assessing outcomes based on the principles of economy, efficiency, effectiveness, and equity (the “4Es”) ensuring that infrastructure investments deliver lower costs and better long-term value.

As part of CDB's Continued efforts to strengthen procurement practices, the VfM framework has been incorporated into the Bank's suite of procurement guidance tools and resources, supporting its application across CDB-financed operations.

Recognising that MDBs operate across varied country contexts and institutional environments, the tool is designed to be both unified and flexible. It can be adapted to different operational realities while fostering a shared understanding of VfM among all stakeholders, including borrowing countries, implementing agencies, and development partners. 

The framework also offers step-by-step guidance and practical tools to help procurement and project teams integrate VfM considerations from planning through to implementation. It encourages life cycle thinking, innovation, and more strategic decision-making in procurement processes. 

This joint initiative underscores the continued commitment of MDBs to strengthen procurement practices and ensure that infrastructure investments deliver measurable, lasting value for the communities they serve.