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ADB clarifies its new procurement policy

Published : Friday, 12 October, 2018 at 12:00 AM  Count : 60

The Asian Development Bank (ADB) explained its new procurement policy at a ceremony at Bangabandhu International Conference Center in Dhaka on Thursday.
Dr. Mashiur Rahman, Economic Affairs Advisor opened the event.
ADB Country Director Manmohan Parkash; Muhammad Alkama Siddiqui, Additional Secretary, and Faruque Hossain, Director General, Central Procurement Technical Unit, spoke at the ceremony.
Effective implementation of the new procurement policy in ADB-funded projects was discussed at the event.
About 170 senior government officials, project directors, and ADB staff participated.
The new policy, for which guidance notes were issued in 2018, emphasizes two new principles----'quality' and 'value for money' along with the existing principles of economy, efficiency, fairness, and transparency.
"ADB's new procurement policy is a paradigm shift towards faster and more effective implementation of ADB-assisted projects", said ADB Country Director Manmohan Parkash.
"The policy will help reduce the overall procurement time and transaction costs, improve quality of procurement, promote advanced and cleaner technologies, encourage deeper focus on project design and planning, and infuse more flexibility and dynamism in the bidding process allowing multiple stage bidding for complex procurement".
"The policy also promotes the greater use of country systems and introduced simpler process for cofinanced projects," Parkash added.
Currently, ADB has 96 loans and grants for 56 projects with over $10.1 billion under sovereign portfolio in Bangladesh.
During January-September 2018, ADB approved loans and grants equivalent to $2.15 billion, and contract awards crossed $1.1 billion and disbursement $700 million. ADB's portfolio performance in Bangladesh is expected to hit the highest record in 2018 while it has grown by 300% since 2008.
ADB focuses its cooperation in Bangladesh in six sectors-energy; transport; water and urban/municipal infrastructure and services; education; finance; and agriculture, natural resources and rural development.
ADB's cumulative lending to Bangladesh stands at around $22 billion for 284 loans, $263 million for 435 technical assistance projects, and $922 million for 41 grants.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 67 members-48 from the region.
In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.

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