The Caribbean Development Bank (CDB) is to establish a regional procurement centre that aims to improve the efficiency and transparency of public spending across its borrowing member countries.
The centre will be created to provide high-quality, relevant, accredited education for procurement professionals in the Caribbean.
The CDB will invest just under $138,000 (£88,000) with around another $46,000 (£29,000) in “in-kind” resources, such as staff time and World Bank has committed US$ 320,000 (£205,000) in grant funding. The project will be delivered under the Programme for Improved Public Investment Management through Sustainable Public Procurement Capacity Building in the Caribbean Region.
Douglas Fraser, head of procurement at CDB, said that improving public procurement was essential to sustainable development and good governance.
“There has been some notable progress in reforming public procurement policies within the Caribbean Community (CARICOM), and CDB is pleased to support that momentum through the regional procurement centre,” said Fraser. “It will provide robust training and help guide our borrowing member countries toward reforming their public procurement systems.”
After the initial launch, there are plans to expand the centre’s remit to provide services to public and private clients and it could also eventually include research, policy support, and networking services.
A process to select a regional entity to run the procurement centre, and a procurement consultant to support development of the centre is currently underway with the centre scheduled to launch next year.