Project Procurement
Together we can Build a better Future
The Islamic Development Bank (IsDB) has a mandate to foster economic growth, sustainability and eradication of poverty forms its Member Country. It extends financing to Member Countries (MCs) for various developmental projects and programs which involves the procurement of goods, works, consultants and other related services.
The IsDB by its mandate is required to ensure that the proceeds of its financing are used only for the approved purposes, with due considerations of economy and efficiency and without any regard to political, monetary or non-monetary influences. Project procurement is the fiduciary responsibility of the Bank.
To ensure that financing is used and applied in ways that adequately secure the IsDB's mandate while maximizing the development impact, IsDB encourages and promotes sound, fair, transparent and performing procurement systems in MCs. IsDB believes that the existence of such systems in a country provides the best fiduciary assurance and effective and productive use of resources. In this respect, guidelines for the Procurement of Consultants, Goods, Works, and other related procedures were approved by the Board of Executive Directors (BED) of IsDB on September 02, 2018. New Guidelines are being implemented since April 2019. These guidelines assist the beneficiaries of IsDB financed projects to obtain maximum Value for Money (VfM) by achieving the optimal benefits with the resources utilized and also allows bidders to prepare Bids and execute contracts that meet the requirement of IsDB and the Beneficiary for high-quality Consultants, Goods, Works and related services.
The Bank adheres to the core procurement principles of economy, efficiency, fairness and effectiveness. These Principles are underpinned in procurement policies and procedures of the Bank. In supporting Beneficiaries in achieving sustainable development with integrity and transparency, encouragement is extended to develop procurement approaches that are Fit-for Purpose and reflect VfM through the application of IsDB's cores procurement principles, procedures and processes.
The IsDB by its mandate is required to ensure that the proceeds of its financing are used only for the approved purposes for which such financing was granted, with due attention to the considerations of economy and efficiency and without any regard to political, monetary or other non-economic influences.