{"id":328727,"date":"2024-09-09T14:51:01","date_gmt":"2024-09-09T18:51:01","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=328727"},"modified":"2024-09-09T15:08:11","modified_gmt":"2024-09-09T19:08:11","slug":"cdb-oecs-world-bank-working-to-increase-procurement-opportunities-for-caribbean-businesses","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/cdb-oecs-world-bank-working-to-increase-procurement-opportunities-for-caribbean-businesses\/","title":{"rendered":"CDB, OECS, World Bank working to increase procurement opportunities for Caribbean businesses"},"content":{"rendered":"

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The\u00a0Caribbean Development Bank<\/a>\u00a0(CDB, the Bank) in partnership with the\u00a0Organisation of Eastern Caribbean States Commission<\/a>\u00a0(OECS) and the\u00a0World Bank<\/a>\u00a0hosted a two-day event for regional businesses to take full advantage of procurement opportunities offered by their projects.<\/p>\n

The initiative, called the CDB, OECS, WB Procurement Fair, took place in Saint Lucia on September 4-5. It brought together over 600 suppliers, contractors, and consultants to provide them with useful information and tools to submit successful bids for projects funded by these organisations.<\/p>\n

Mr. Doug Fraser, the Head of Procurement at CDB, emphasised the importance of the collaboration,<\/p>\n

\u201cThe Bank recognises the crucial role that the private sector plays in providing goods, works and services to the projects we finance to help our clients to achieve their development outcomes\u2026 Without suppliers, contractors and consultants none of our projects would be possible. Our engagement here with the private and public sector provides solutions and innovations that are key to driving Caribbean economic development and reducing poverty.\u201d<\/strong><\/em><\/p><\/blockquote>\n

Government procurement plays a significant role in the Caribbean economy, accounting for a large part of the region’s Gross Domestic Product (GDP). Improving procurement processes can help make better use of limited resources, stimulate private sector growth, and support the development of stronger, more inclusive economies.<\/p>\n

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The event not only provided valuable information to potential contractors but also aimed to ensure that procurement for CDB’s projects is done efficiently. By familiarising bidders with the requirements and processes of the financing agency, the event helped increase their chances of success. In 2023 alone, CDB awarded over USD 170 million in contracts for various projects, offering significant opportunities for Caribbean suppliers.<\/p>\n

Commenting on the regional activity, OECS Director General Dr. Didacus Jules stated,<\/p>\n

\u201cThe OECS is committed to fostering regional economic growth by enhancing procurement opportunities for our businesses. Through strategic partnerships like this one with the CDB and the World Bank, we aim to empower Caribbean suppliers, contractors, and consultants with the knowledge and tools they need to compete successfully in global markets. In the context of our Economic Union, we add value to Member States through pooled procurement of critical inputs to their prosperity and well-being at the most reasonable prices. By improving procurement processes, we can drive economic inclusion, maximise the region\u2019s resources, and contribute to the sustainable development of our economies.”<\/strong><\/em><\/p><\/blockquote>\n

Remarking on the value procurement can add to local economies, Ms. Lilia Burunciuc, World Bank Director for the Caribbean said,<\/p>\n

\u201cIn the OECS, the World Bank finances projects totaling US$75M. Each project presents opportunities for local vendors, and we are pleased to build capacity – with the Caribbean Development Bank and the OECS Commission as partners – among the private sector, such that they can increasingly take advantage of these opportunities.\u201d<\/strong><\/em><\/p><\/blockquote>\n

Other speakers at the event included Ms. Roselyn Opel, Head of Pooled Procurement Services at the OECS Commission who highlighted that the Procurement Unit at the OECS Commission is committed to upholding transparency, probity, accountability, competition, fairness, efficiency and effectiveness in all processes. Also in attendance was Mr. Luciano Gutierres Wuerzius, Procurement Specialist at the World Bank, along with project leaders from different sectors such as energy, environment, youth, health, education, and infrastructure.<\/p>\n