The European Investment Bank (EIB) and the Asian Development Bank (ADB) have signed a procurement procedural framework to improve implementation and monitoring of public-sector projects in Asia, jointly financed by the two financial institutions.
Similar procedural frameworks signed with the European Bank for Reconstruction and Development, African Development Bank and Caribbean Development Bank have allowed the EIB and its partners to implement and monitor some 24 projects with investment cost of around €4.5 billion ($5.4 billion).
The EIB and ADB also will reduce time required to implement jointly financed projects, as the framework improves the task management between EIB and ADB, eliminates parallel application of individual rules, improves division of labor and increases coherence and development impact.
The streamlined procurement introduced by the framework will benefit promoters and aid recipients through more efficient procurement monitoring and in tu
