The Fund’s Council approves a new EFSD procurement system
Moscow, 26 november 2018. The EFSD Council approves the Procurement Policy and Procedures for EFSD-funded Projects. The new documents have been developed to ensure that the allocated funds are used as designated and cost-effectively, and the projects achieve their maximum efficiency.
Procurement accounts for a significant portion of finance extended by international organisations. The choice of a procurement mechanism influences the efficiency of financing directly and determines the cost and quality of deliverables. There is no one-size-fits-all approach to designing procurement procedures: when selecting them, it is necessary to factor in the diversity and complexity of each project. However, there are mechanisms suitable for most objectives that have proven their efficiency in large international organisations.
The EFSD Procurement Policy replaced the previous revision of the policy to refine the procurement principles, the selection of procurement procedures, and procurement information to be submitted by the Recipients for project review. The procurement principles declared by the Policy are openness, reliability, competitiveness, conformity to project objectives, and accountability.
The EFSD Procurement Procedures set forth the rules and procedures to be followed by the recipients and participants in the procurement process. The Procedures were developed taking into account procurement approaches used by the leading international development organisations. For example, at the planning stage, a procurement strategy needs to be prepared proceeding from the characteristics of each project. If neither of the conventional procurement methods suits project objectives, a separate procurement mechanism may be developed for a project, subject to the Policy requirements.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Read more about the EDB at http://eabr.org/
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EFSD assists its member countries in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and fostering integration in the region. The EFSD member countries signed the Fund Management Agreement with the Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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