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ADB enters an arrangement with World Bank for co-financed projects

Press Trust of India  |  New Delhi 

(ADB) Thursday said it has entered into an arrangement with the to put in place a single framework that will make co-financed projects more efficient.

ADB's first Alternative Procurement Arrangement (APA) with the will allow procedures on co-financed projects to follow a single procurement framework, it said in a statement.

"The new arrangement allows co-financed projects to be implemented more efficiently by applying a single framework to the whole project. It will reduce transaction costs for ADB's clients," said Risa Zhijia Teng, of ADB's Procurement, Portfolio,

The APA is a step further towards reducing procurement timelines in line with Strategy 2030, she said.

Strategy 2030 is ADB's long-term plan to respond effectively to the and Pacific region's changing needs.

ADB said it is negotiating with other multilateral agencies to expand the number of co-financed projects that will use similar arrangements.

This will lessen the burden on executing and implementing agencies that have traditionally used multiple procurement frameworks on a single project and project implementation, it added.

In 2017, ADB operations totalled USD 32.2 billion, including USD 11.9 billion in co-financing.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 14:25 IST