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India : AfDB sanctions new Procurement Framework
Publish Date : 20-Oct-2015
A new procurement framework has been sanctioned by the African Development Banks (AfDB) board of directors.
The company stated although its procurement policy had served the bank well, recent trends underscored the need for a more dynamic policy and procedures that fully support development effectiveness.
The changes would enable the full utilization of borrower country procurement systems for certain contracts, customised methods and procedures for more complex situations and third-party systems in other cases.
It is anticipated that the changes are to accelerate the projects by around eight months and generate economic benefits of more then $200 million annually.
Vinay Sharma, director of the AfDBs procurement and fiduciary services department, said: The impact of this framework is expected to be significant.
Country ownership will increase and we will have much greater legitimacy working with borrowers in the improvement of their governance systems.
Sharma said with a large number of contracts being handled by borrower systems, a sector capacity will be unleashed to handle complex transactions.
He said differentiated procedures would especially help countries in transition while a focus on socio-economic objectives would satisfy legitimate aspirations.
