BRIDGETOWN, Barbados, Sept 16, CMC – The Caribbean Development Bank (CDB) says it has signed a “landmark” agreement with the International Fund for Agricultural Development (IFAD) to enhance the effectiveness of project procurement processes.
It said the agreement, which applies to joint co-financed projects, is designed to simplify procurement procedures, reduce transaction costs, and improve project planning and execution across the Caribbean.
The Procurement Framework Agreement builds on the longstanding partnership between CDB and IFAD. It establishes a collaborative structure where both institutions will mutually rely on each other’s procurement policies in jointly funded projects.
“This innovative approach addresses the complexities arising from varying procurement frameworks of international institutions, which often result in inefficiencies during project implementation.
“By recognising that the two organisations share core procurement principles of economy, efficiency, transparency, fairness, and accountability, the agreement allows for mutual reliance on their respective project procurement frameworks and establishes effective mechanisms for cooperation,” the CDB said, adding “this is expected to greatly facilitate a better division of labour between the two partners, along with more consistent and timely project procurement implementation”.
CDB’s Acting Vice President, Operations, Therese Turner-Jones, said this agreement is an important step in enhancing the efficiency and effectiveness of how the bank implements co-financed projects.
“ By enabling the adoption of streamlined procurement arrangements in joint co-financed projects, we are reducing the burden on beneficiaries, enabling faster project execution, and ultimately delivering better development outcomes for the Caribbean region,” she added.
Associate Vice-President of IFAD’s Programme Management Department, Donal Brown, said the mutual reliance established by this agreement is a testament to the strong partnership between IFAD and CDB.
“Our collaboration will not only streamline processes but also ensure that agricultural and rural development projects in the Caribbean are implemented with the highest standards of efficiency and accountability.”
The CDB said the new Procurement Framework Agreement will significantly promote future collaboration between the two institutions and enhance t
“This partnership is poised to bring about greater coherence, development impact, and improved service delivery across the Caribbean,” it added.
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