The Inter-American Development Bank (IADB) has adopted new policies to modernise its procurement system for the acquisition of works, goods and consulting services needed to carry out its lending programmes and other operations to assist the economic and social development of Latin America and the Caribbean.

The changes bring the IADB’s procurement systems into closer alignment with those of the World Bank.

The policy revisions were accompanied by the launching of a comprehensive, multiyear action plan that provides tools and a timetable for putting the changes into effect.

The bank also launched a long-term strategy to extend the modernisation process to its borrowing member countries so that over time the nations of Latin America and the Caribbean will increasingly rely on their own procurement systems.

The new policies are mandatory for all new IADB financing operations and will be effective immediately. In addition, countries may request contract revisions to apply the new procurement policies to loans that have not been fully disbursed.

The new policies will be posted shortly on the bank’s website (