What Is International Competitive Bidding (ICB)?
International competitive bidding (ICB) is a bidding and procurement process the Global Monetary establishment requires of any borrower that obtains pieces, art work and non-consulting products and services and merchandise with financing equipped by the use of the Global Monetary establishment.
Key Takeaways
- International competitive bidding (ICB) refers to a bidding and procurement process the Global Monetary establishment requires of any borrower that accepts the financing it provides.
- The detailed set of procedures is designed to ensure fair and healthy pageant for Global Monetary institution-funded monetary possible choices.
- Borrowers are required to put it on the market for the services and merchandise they procure and must pick the ground appropriate bid.
- The Global Monetary establishment provides financing for projects aimed at bettering education, neatly being, public control, infrastructure, finance, agriculture and the environment in developing countries.
How International Competitive Bidding (ICB) Works
An international competitive bidding process is wanted of borrowers buying groceries products and services and merchandise for Global Monetary institution-funded projects. The Global Monetary establishment has detailed must haves and specific prerequisites that are meant to be followed by the use of borrowers in choosing a industry partner.
The aim of imposing an international competitive bidding process for projects funded with loans issued by the use of the Global Monetary establishment is to promote it fair and healthy pageant for Global Monetary institution-funded monetary possible choices. The borrowing country maintains a certain degree of freedom in selecting a winning bid for its projects, even supposing is expected to make a choice the lowest-priced, highest bid.
What Is the Global Monetary establishment?
The Global Monetary establishment is an international financial established order headquartered in Washington, D.C. It serves as a lender for monetary construction projects fascinated about education, neatly being, public control, infrastructure construction, finance, agriculture and environmental sustainability. The Global Monetary establishment provides enhance inside of the kind of low-interest loans, 0 to low-interest credit score, and grants to making countries.
Examples of Global Monetary institution-funded projects approved in 2022 include a program to lend a hand Zambia restore macroeconomic and long-term debt sustainability; a program in Guatemala to lend a hand mitigate the impacts of COVID-19 and protect and reinforce the lives of the poor and inclined; and a program to promote it innovation and entrepreneurship in Argentina.Â
Explicit Problems: ICB Prerequisites and Processes
The Global Monetary establishment has detailed instructions, prerequisites, and must haves that are meant to be followed inside the international competitive bidding process for products and services and merchandise involving Global Monetary institution-funded projects. ICB requires Global Monetary establishment borrowers to internationally put it on the market the required products and services and merchandise sought after for each venture in a suitable language. Borrowers must award contracts to the ground appropriate bids, matter to certain issues for qualitative judgment.
Borrowers who download Global Monetary establishment funding must observe the monetary establishment’s procurement framework for international competitive bidding. The framework covers insurance coverage insurance policies, laws, directives and procedures. The monetary establishment provides detailed steering, templates and forms that are meant to be used, along with other crucial helpful useful resource materials. Training is also equipped. Additionally, the Global Monetary establishment requires borrowers to create commonplace stories detailing their building and movements.
