Financial Daily from THE HINDU group of publications
Friday, Nov 28, 2003
Financial Daily from THE HINDU group of publications Friday, Nov 28, 2003 |
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Money & Banking
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RBI & Other Central Banks World Bank to change procurement norms Our Bureau
Mumbai , Nov. 27 THE World Bank is slated to change the guidelines for procurement and funding projects in various countries, according to Mr Armando Araujo, Director, Procurement Policy and Services Group, and Head, Procurement Board. The new guidelines are expected to make the funding and procurement process simple and transparent. Speaking to newspersons on the sidelines of a seminar on `Business opportunities in World Bank-funded projects', organised by Exim Bank of India, Mr Araujo said that the new guidelines will help harmonise the World Bank's policies with other supporting banks for development projects. He added that though public administration and law and justice corner the largest share of lending by World Bank globally, in India health and education sectors will be the leading beneficiaries this year. "There are various projects at the discussion stage with the Government in these sectors," he said. World Bank funding is moving towards social sector projects in health, education and community development; last year, $19.2 billion was lent to various development projects globally. Earlier, addressing the gathering of consultants, manufacturers and service suppliers at the seminar, he explained the bank's procurement policies and procedures, consultancy registration systems, short-listing and evaluation procedures. Indian companies have demonstrated capabilities to execute turnkey projects within the country and this could easily be duplicated in similar projects abroad. Usually, only the US and developed European countries participate in international development projects but increasingly, countries like China, Argentina, Philippines and India have become active bidders, he said. India's current share in international World Bank projects is only 0.6 per cent, according to Mr S.R. Rao, Chief General Manager, Exim Bank.
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