The World Bank said on Monday that it is launching the second stage of the reform of its procurement policy and guidelines, trying to formulate specific measures to make the proposed policy changes in the first-stage review.
The executive directors of the Bank approved a proposed new framework on procurement in World Bank investment project finance on Nov. 15, as the first-stage review came to an end, the Bank said in a statement.
The goal of the new policy framework is to help clients "achieve value for money with integrity in delivering sustainable development," it added.
The Washington-based global institution noted that the second stage of the reform will be dedicated to working on a detailed strategy for implementing the changes suggested in the policy framework. And a final policy proposal will be presented to the Bank's board of executive directors for approval in 2015.
The Bank's procurement policy governs how clients acquire works, goods, and services under projects financed by the Bank, and the roles and responsibilities of the Bank and clients in that process.
The World Bank embarked on the two-stage comprehensive review of its operational procurement policy and procedures in early 2012. During the first-stage reform, the Bank consulted with almost 2, 000 stakeholders in about 100 countries to seek their views on procurement policy./.