BRIDGETOWN, Barbados, December 29, 2008 – Barbados will update and improve its public procurement system in order to make it more efficient, transparent and accountable with a US$5 million loan approved by the Inter-American Development Bank (IDB).
The funds will support the modernisation of the Barbados National Procurement System – a plan being implemented by the Finance Ministry in order to get more competitive prices and reduce process time, while ensuring the integrity of the mechanism.
“Both the legal framework and the institutions involved in the acquisition of goods and services for the state will be strengthened to ensure that those goals are met,” the IDB said in a statement announcing the loan.
“State-of-the-art technology solutions will also be implemented to add reliability and speed to the process.”
The programme is also expected to facilitate the eventual adoption of harmonised procurement criteria among Caribbean Community (CARICOM) member states, the IDB added.