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.

“All of our procurement plans are available online. We are always open to competition. This is what makes a big difference in terms of how we conduct our work in Barbados and the Caribbean and how opportunities can be fostered between the public and private sector,” noted Urra.

The day’s activities were designed to allow participants to interact directly with procurement specialists from CDB and the IDB, as well as government procurement officials on policies and best practices. In addition, persons were able to network and discover procurement opportunities from representatives of various project-executing agencies in Barbados and elsewhere in the Caribbean.

The seminar was the third such event hosted jointly by CDB and the IDB, with previous events hosted in The Bahamas and Belize. They aim to provide the private sector in the selected countries with information about CDB- and IDB-financed projects, as well as to provide information and practical tools for preparing successful bids.