The Asian Development Bank has decided to adopt a new framework to transit from a 'one size fits all' to a 'fit for purpose' approach to procurement in ADB-financed projects.
Manila headequartered ADB saw the value of contracts awarded in its projects rise by almost 40 per cent from USD 6.8 billion in 2013 to USD 9.5 billion in 2016.
The new procurement framework will be rolled out in phases for new projects starting in July 2017.
"The new framework, coming after extensive consultations with a range of stakeholders, sees ADB transition from a 'one size fits all' to a 'fit for purpose' approach to procurement in ADB-financed projects," said Deborah Stokes, ADB Vice President for Administration and Corporate Management.
With focus on quality and value for money, growth aspirations of developing member countries such as use of high level technology solutions will be supported more effectively, Stokes said.
Besides reducing the overall procurement time and improving the quality of procurement in ADB-financed projects, the new framework will address the need to bring advanced and cleaner technologies to ADB clients, the agnecy said in a release.
Procurement procedures will be based on "more in-depth market assessments", with ADB deepening the focus on high value, complex transactions using a risk-based approach. A new complaints handling mechanism will foster greater accountability.
It will also place more procurement specialists in its field offices.
Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members -- 48 from the region itself.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)