The Caribbean Development Bank (CDB) and the International Fund for Agricultural Development (IFAD) have signed a landmark agreement to enhance the effectiveness of project procurement processes.
This agreement, the CDB said in a press release yesterday, will apply to joint co-financed projects, and is designed to simplify procurement procedures, reduce transaction costs, and improve project planning and execution across the Caribbean.
The press release from the CDB said that the Procurement Framework Agreement (PFA) builds on the longstanding partnership between CDB and IFAD which establishes a collaborative structure where both institutions mutually rely on each other’s procurement policies in jointly funded projects. This innovative approach, the release noted, addresses the complexities arising from varying procurement frameworks of international institutions, which often result in inefficiencies during project implementation.