Three International Financial Institutions (IFIs) have endorsed Jamaica’s new electronic procurement system, a release from the Caribbean Development Bank (CDB) said yesterday. Electronic procurement is the process of requesting, ordering and purchasing goods and services digitally utilising a system accessible by registered users. The innovation – which was implemented to support the process of procuring goods, works and services online – will enable Jamaica to more efficiently access funding from the CDB, the Inter-American Development Bank (IDB) and the World Bank (WB) for projects financed by these entities. 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 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 IDB, CDB and 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.” The release said that this development will impact current and future projects; improving procurement for over US$329 million in funds currently available to Jamaica for various development initiatives. In 2015, the release noted that Jamaica launched its e-procurement system, becoming a pioneer in the Caribbean by adopting e-Government Procurement systems with a range of functions, including: publication of opportunities and transactional platforms, electronic submission of bids, e-Tendering, notification of awards, and supplier registries. The agreement to use e-Government Procure-ment on all the development projects financed by the three MDBs will enhance transparency and the expeditious implementation of projects, channeling much-needed resources to address the country’s needs, the release added. The implementation of the agreement by all the three IFIs to use e-Government Procurement systems on development projects in national and international competitive processes also means the reduction of transactional costs for Jamaica, as well as for banks, in relation to project procurement preparation, execution, and monitoring.
