The multilateral development banks cumulatively channel billions of dollars annually in development assistance to borrower countries. This finance is usually spent through processes that incorporate the public procurement regulations of the banks and it is often a condition of this finance that the funds must be spent using the procurement regulations of the lender institution. This book examines the issues and challenges raised by procurement regulation in the multilateral development banks. The book examines the history of procurement regulation in the banks; the tripartite relationship created between the banks, borrowers and contractors in funded procurements; the procurement documents and procurement cycle; as well as how the banks ensure competition and value for money in funded procurements. The book also examines the banks' approach to sustainability concerns in public procurement such as environmental, social or industrial concerns; as well as how the banks address the issue of corruption and fraud in funded contracts. Another issue that is addressed by this book is how the banks have implemented the aid effectiveness agenda. It will be seen that the development banks have undertaken steps to harmonise their policies and practices, increased borrower procurement capacity, taken steps to reduce the tying of aid, and play an important role in the reform of borrower procurement systems, all in an effort to improve the effectiveness of development finance. The book also considers the contractual and other remedies that are available to parties that may be aggrieved as a result of a funded procurement. The book analyses, compares and contrasts the legal, practical and institutional approaches to procurement regulation in the World Bank, the Inter-American Development Bank, the African Development Bank, the Asian Development Bank and the European Bank for Reconstruction and Development.

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Excerpt from Multilateral Development Bank Procurement We can't expect the multilateral financial institutions to act as if the were American institutions; they are multilateral, but we are 0 the opinion that insufficient attention has been given by al most all involved to exploring opportunities for American busi nesses to participate. Some other countries have probably been ahead of us in this regard. So this is a hearing to begin the process of exploring what is going on and how we can improve opportunities for American busi nesses to participate. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Last year was momentous for the international procurement arena, as several of the major multilateral development banks (MDBs) -- including the World Bank and the African Development Bank (AfDB) -- adopted significant changes to their procurement processes and procedures in efforts to increase flexibility and achieve value for money with integrity. In July 2015, the World Bank's board of executive directors approved a new procurement policy as part of a larger procurement framework described as “a once-in-a-generation systematic reform and culture change” in how the World Bank approaches procurement. The new procurement framework, which is scheduled to go into effect later this year, will affect more than 1,800 World Bank-financed projects in 172 countries with a total value of $42 billion, although ongoing projects will continue to operate under the existing framework. A few months later, in October 2015, the AfDB joined its global counterpart in adopting similar changes to its own procurement framework. Similar to the World Bank's new framework, The AfDB's reforms focus on “the achievement of value for money by borrowers based on a dynamic and differentiated fit-for-purpose approach to procurement transactions.” According to Vinay Sharma, the director of the AfDB's Procurement and Fiduciary Services Department, the AfDB's new procurement framework is expected to result in faster project completion and “over $200 million in economic benefits annually.” This FEATURE COMMENT highlights several key goals of these procurement reforms, which seek to deliver sustainable development and value for money by, among other things, increasing flexibility in procurement approaches and recognizing the importance of postaward contract management in ensuring successful project implementation.