CDB and IDB showcase procurement opportunities for Barbados private sector
Projects financed by the Caribbean Development Bank (CDB), and the Inter-American Development Bank (IDB) present significant business opportunities for the Region’s private sector. However, limited understanding of the procurement processes at CDB and the IDB pose challenges for the business community, and result in low or unsuccessful participation.
On Monday April 30, CDB and IDB co-hosted a procurement seminar aimed at developing the capacity of the Barbados private sector to take advantage of opportunities available through projects financed by both institutions.
Speaking at the opening of the event, entitled “Business Opportunities in Barbados – Procurement for CDB- and IDB-Financed Projects”, CDB’s Director of Projects, Daniel Best, said that the Barbados business community has played a crucial role in providing procurement for CDB projects.
“In terms of the monetary value of contracts awarded on CDB- financed projects, Barbados has been the third-largest recipient over the past seven years. It is also important to note that the local private sector has supported the successful implementation of CDB projects not just in Barbados but also across the Region,” said Best.
Francisco Javier Urra, Chief of Operations at the IDB Barbados Country Office, emphasized the transparency of the procurement policies and procedures of multilateral financial institutions such as the IDB and CDB.
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Image: The Blue Diamond Gallery