The Caribbean Development Bank (CDB, the Bank) in partnership with the Organisation of Eastern Caribbean States Commission (OECS) and the World Bank hosted a two-day event for regional businesses to take full advantage of procurement opportunities offered by their projects.
The initiative, called the CDB, OECS, WB Procurement Fair, took place in Saint Lucia on September 4-5. It brought together over 600 suppliers, contractors, and consultants to provide them with useful information and tools to submit successful bids for projects funded by these organisations.
Doug Fraser, the Head of Procurement at CDB, emphasised the importance of the collaboration, ¡°The Bank recognises the crucial role that the private sector plays in providing goods, works and services to the projects we finance to help our clients to achieve their development outcomes¡ Without suppliers, contractors and consultants none of our projects would be possible. Our engagement here with the private and public sector provides solutions and innovations that are key to driving Caribbean economic development and reducing poverty.¡±
Government procurement plays a significant role in the Caribbean economy, accounting for a large part of the region's Gross Domestic Product (GDP). Improving procurement processes can help make better use of limited resources, stimulate private sector growth, and support the development of stronger, more inclusive economies.
Remarking on the value procurement can add to local economies, Lilia Burunciuc, World Bank Director for the Caribbean said, ¡°In the OECS, the World Bank finances projects totaling US$75M. Each project presents opportunities for local vendors, and we are pleased to build capacity - with the Caribbean Development Bank and the OECS Commission as partners - among the private sector, such that they can increasingly take advantage of these opportunities.¡±
The event not only provided valuable information to potential contractors but also aimed to ensure that procurement for the CDB's projects is done efficiently. By familiarising bidders with the requirements and processes of the financing agency, the event helped increase their chances of success. In 2023 alone, the CDB awarded over USD 170 million in contracts for various projects, offering significant opportunities for Caribbean suppliers.
Other speakers at the event included Roselyn Opel, Head of Pooled Procurement Services at the OECS Commission, and Luciano Gutierres Wuerzius, Procurement Specialist at the World Bank, along with project leaders from different sectors such as Energy, Environment, Youth, Health, Education, and Infrastructure.
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