October 18 2022, BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB), the World Bank (WB) and the Inter-American Development Bank (IDB) endorsed today the Government of Jamaica’s Electronic Procurement System (GOJEP). Based on a recent assessment conducted by the IDB, the GOJEP meets the necessary criteria for the use of an electronic procurement system on projects financed by all three Multilateral Development Banks, both for national and international competitive processes.
Electronic procurement, or e-procurement, is the process of requesting, ordering and purchasing goods and services digitally, through a system accessible by registered users.
The agreement to use electronic government procurement (e-GP) on all development projects financed by Caribbean Development Bank (CDB), the World Bank (WB) and the Inter-American Development Bank (IDB) will increase transparency and cause expeditious implementation of projects in Jamaica, channeling much-needed resources to address the country's needs.
According to Douglas Fraser, Head, Procurement at CDB, “This is a significant milestone for the Government of Jamaica and the region as it will lead to improvements in efficiency and transparency while also lowering the transaction costs for all state projects financed by International Financial Institutions (IFIs). The Bank endorses this modernised approach adopted by one of its Borrowing Member Countries (BMCs) as we continue to support and strengthen the procurement ecosystem in all 19 BMCs.”
Highlighting the need for cooperation and commending the improved efficiency, Lilia Burunciuc, Country Director for World Bank Caribbean noted, “this endorsement is the anticipated result of successful cooperation among the IDB, the CDB and the World Bank Caribbean to increase efficiencies in development projects. It will ensure more transparency in the procurement of goods, works and services in projects financed by the three institutions and ultimately, accelerate Jamaica’s ability to meet development needs.”
This advancement will impact current and future projects; improving procurement for over USD329 million in funds currently available to the Government of Jamaica for various development initiatives.
About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional, non-borrowing members (Brazil, Colombia, Mexico and Venezuela) and five non-regional, non-borrowing members (Canada, China, Germany, Italy, and the United Kingdom). CDB’s total assets as at December 31, 2020 stood at US$3.64 billion (bn). These include US$2.12 bn of Ordinary Capital Resources and US$1.52 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, and AA+ Stable by Standard & Poor’s and Fitch Ratings. Read more at caribank.org.
About the World Bank in the Caribbean
The World Bank Group works in every major area of development, providing a wide array of financial products and technical assistance; helping countries share and apply innovative knowledge and solutions to the challenges they face. In the Caribbean, 19 countries receive support primarily in the areas resilience and disaster risk management but there is also significant work in health, digitization the blue economy sectors and skills, knowledge and experience building. Learn more here.
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