The Inter-American Development Bank (IDB) has approved certain public procurement processes in eight Latin American and Caribbean countries.
It means aspects of government procurement in Argentina, Bolivia, Costa Rica, El Salvador, Jamaica, Panama and Peru comply with international best practice. The areas include framework agreements and reverse auctions, and the IDB said these are acceptable for use in bank-financed projects.
The IDB said the approval “reflects the countries’ efforts to improve their public procurement systems, which represent an $800 million (£497.6 million) market in the region”.
The move follows an analysis by the IDB of the procurement systems in each of the countries in accordance with the requirements for good practice established in the Guide for Acceptance of the Use of Country Procurement Systems. This was at the request of the governments of the eight countries.