Special Correspondent :
The Asian Development Bank (ADB) on Thursday issued guidelines of a fresh procurement policy in order to implement co-financed projects for Bangladesh in a faster pace.
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12th-Oct-2018

ADB's fresh procurement policy for BD

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Special Correspondent :
The Asian Development Bank (ADB) on Thursday issued guidelines of a fresh procurement policy in order to implement co-financed projects for Bangladesh in a faster pace.
The policy aimed to reduce overall procurement time and transaction costs, improve quality, promote advanced and cleaner technologies, encourage deeper focus on project design and planning and infuse more flexibility and dynamism in the bidding process allowing multi-stage bidding for the complex one.
The new procurement policy was demonstrated before the policy-makers and representatives of implementing agencies of the government at a ceremony at Bangabandhu International Conference Centre in Dhaka on Thursday.
Effective implementation of the new procurement policy in the ADB-funded projects was discussed at the event, participated by about 170 senior government officials, project directors, and ADB staff.
The fresh policy, for which guidance notes were issued in early 2018, emphasised 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, adding the policy promotes greater use of country systems and introduces simpler process to bring pace in co-financed projects.
Currently, ADB has 96 loans and grants for 56 projects with over US$10.1 billion under sovereign portfolio in Bangladesh. During January-September 2018, ADB approved loans and grants equivalent to $2.15 billion and value of contracts award cross $1.1 billion, reads a statement issued from ADB's Dhaka office.
ADB focuses its cooperation in Bangladesh in six sectors-energy; transport; water and urban/municipal infrastructure and services, education, finance, 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.