International Competitive Bidding (ICB)
What Is International Competitive Bidding (ICB)?
International competitive bidding (ICB) is a bidding and procurement process the World Bank expects of any borrower that gets goods, work and non-counseling services with financing given by the World Bank.
How International Competitive Bidding (ICB) Works
An international competitive bidding process is required of borrowers acquiring services for World Bank-funded projects. The World Bank has definite requirements and specific conditions that must be followed by borrowers in picking a business partner.
The goal of forcing an international competitive bidding process for projects funded with loans issued by the World Bank is to advance fair and solid competition for World Bank-funded economic opportunities. The borrowing country keeps a certain degree of freedom in choosing a triumphant bid for its projects, however is expected to pick the least valued, generally competitive bid.
What Is the World Bank?
The World Bank is an international financial institution settled in Washington, D.C. It fills in as a lender for economic development projects zeroed in on education, wellbeing, public administration, infrastructure development, finance, agriculture and ecological manageability. The World Bank offers help as low-premium loans, zero to low-premium credits, and awards to non-industrial nations.
Instances of World Bank-funded projects incorporate a program to further develop market access for animals herders in Mongolia; a project to give employment opportunities to youngsters in Liberia; and a program to further develop access to water for individuals living in the Chaco region of Argentina.
Special Considerations: ICB Requirements and Processes
The World Bank has itemized guidelines, conditions, and requirements that must be followed in the international competitive bidding process for services including World Bank-funded projects. ICB requires World Bank borrowers to internationally publicize the required services required for each project in an acceptable language. Borrowers must award contracts to the most minimal acceptable bids, subject to certain contemplations for qualitative judgment.
Borrowers who receive World Bank funding must follow the bank's procurement system for international competitive bidding. The structure covers policies, regulations, mandates and procedures. The bank gives nitty gritty guidance, layouts and records that must be utilized, as well as other important resource materials. Training is likewise given. Moreover, the World Bank expects borrowers to make normal reports itemizing their progress and activities.
Features
- The itemized set of procedures is intended to guarantee fair and solid competition for World Bank-funded economic opportunities.
- The World Bank gives financing to projects pointed toward further developing education, wellbeing, public administration, infrastructure, finance, agriculture and the climate in non-industrial nations.
- Borrowers are required to publicize for the goods and services they secure and must pick the most reduced acceptable bid.
- International competitive bidding (ICB) alludes to a bidding and procurement process the World Bank expects of any borrower that acknowledges the financing it gives.
