World Bank Director Sees Opportunities for Vendors in OECS

Lilia Burunciuc

World Bank Director Lilia Burunciuc Addresses Opportunities for Vendors in OECS

CASTRIES, St. Lucia, CMC – The World Bank director for the Caribbean, Lilia Burunciuc, says vendors in the Organisation of Eastern Caribbean States (OECS) have opportunities to benefit from projects being financed by the Washington-based financial institution in the sub-region.

“In the OECS, the World Bank finances projects totaling US$75 million. Each project presents opportunities for local vendors, and we are pleased to build capacity with the Caribbean Development Bank (CDB) and the OECS Commission as partners among the private sector, such that they can increasingly take advantage of these opportunities,” she told a two-day workshop on procurement that ended here on Thursday.

CDB, OECS, WB Procurement Fair Aims to Boost Regional Businesses

The initiative titled the CDB, OECS, WB Procurement Fair, was intended to help regional businesses fully take advantage of procurement opportunities offered by their projects. It brought together over 600 suppliers, contractors, and consultants, providing them with helpful information and tools to submit successful bids for projects funded by these organizations.

Private Sector’s Crucial Role in Economic Development

“The Bank recognizes the private sector’s crucial role in providing goods, works, and services to the projects we finance to help our clients achieve their development outcomes…,” said Doug Fraser, the Head of Procurement at CDB. “Without suppliers, contractors, and consultants, none of our projects would be possible. Our engagement here with the private and public sector provides solutions and innovations that are key to driving Caribbean economic development and reducing poverty,” he added.

Government Procurement Plays Significant Role in Caribbean Economy

The CDB said that government procurement plays a significant role in the Caribbean economy, accounting for a large part of the region’s Gross Domestic Product (GDP). Improving procurement processes can better use limited resources, stimulate private sector growth, and support the development of more robust, more inclusive economies.

OECS Committed to Fostering Regional Economic Growth

OECS Director General Dr. Didacus Jules said the subregional grouping is committed to fostering regional economic growth by enhancing procurement opportunities for businesses. He said that through strategic partnerships like this one with the CDB and the World Bank, “we aim to empower Caribbean suppliers, contractors, and consultants with the knowledge and tools they need to compete successfully in global markets.

“In the context of our Economic Union, we add value to member states through pooled procurement of critical inputs to their prosperity and well-being at the most reasonable prices. By improving procurement processes, we can drive economic inclusion, maximize the region’s resources, and contribute to the sustainable development of our economies,” he added.

Conclusion

The CDB, OECS, WB Procurement Fair provided a platform for regional businesses to learn about procurement opportunities and how to increase their chances of success. The event highlighted the crucial role of the private sector in driving Caribbean economic development and reducing poverty.

FAQs

* What was the purpose of the CDB, OECS, WB Procurement Fair?
The fair aimed to help regional businesses fully take advantage of procurement opportunities offered by CDB, OECS, and World Bank projects.
* How many suppliers, contractors, and consultants attended the event?
Over 600 suppliers, contractors, and consultants attended the two-day workshop.
* What is the significance of government procurement in the Caribbean economy?
Government procurement plays a significant role in the Caribbean economy, accounting for a large part of the region’s Gross Domestic Product (GDP).