Procurement Fair hosted to boost opportunities for C’bean businesses

The Caribbean Development Bank (CDB) in partnership with the Organisation of Eastern Caribbean States Commission (OECS) and the World Bank hosted a two-day event for regional businesses to take full advantage of procurement opportunities offered by their projects.
The initiative called the CDB, OECS, WB Procurement Fair, took place in St. Lucia from September 4 to 5, 2024.
It brought together over 600 suppliers, contractors, and consultants to provide them with useful information and tools to submit successful bids for projects funded by these organisations.

The Head of Procurement at CDB, Doug Fraser emphasised the importance of the collaboration, “The Bank recognises the crucial role that the private sector plays in providing goods, works and services to the projects we finance to help our clients to achieve their development outcomes… 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.”
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 help make better use of limited resources, stimulate private sector growth, and support the development of stronger, more inclusive economies.
Remarking on the value procurement can add to local economies, World Bank Director for the Caribbean Lilia Burunciuc stated “In the OECS, the World Bank finances projects totaling US$75M. Each project presents opportunities for local vendors, and we are pleased to build capacity – with the Caribbean Development Bank and the OECS Commission as partners – among the private sector, such that they can increasingly take advantage of these opportunities.”
The event not only provided valuable information to potential contractors but also aimed to ensure that procurement for CDB’s projects is done efficiently. By familiarising bidders with the requirements and processes of the financing agency, the event helped increase their chances of success. In 2023 alone, CDB awarded over USD 170 million in contracts for various projects, offering significant opportunities for Caribbean suppliers.
In addition, commenting on the regional activity, OECS Director General Didacus Jules said, “The OECS is committed to fostering regional economic growth by enhancing procurement opportunities for our businesses. 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, maximise the region’s resources, and contribute to the sustainable development of our economies.”
Other speakers at the event included Head of Pooled Procurement Services at the OECS Commission Roselyn Opel, who highlighted that the Procurement Unit at the OECS Commission is committed to upholding transparency, probity, accountability, competition, fairness, efficiency and effectiveness in all processes.
Also in attendance was Procurement Specialist at the World Bank, Luciano Gutierres Wuerzius, along with project leaders from different sectors such as energy, environment, youth, health, education, and infrastructure.