By: Staff Writer
August 8, 2025
The Caribbean Development Bank in its annual procurement report said that in 2024 they will focus on market outreach methods to get the regional private sector more involved in the bank’s opportunities.
The report said: “the Bank has placed increased emphasis on market outreach initiatives, including workshops, procurement fairs, and dedicated private sector engagement events. These initiatives are designed to raise awareness, strengthen bidder capacity, and align private sector offerings with the evolving needs of CDB’s project beneficiaries. By fostering stronger linkages between public sector demand and private sector supply, CDB aims to make procurement more inclusive, competitive, and development-focused.”
Adhering to the procurement requirements has been a long term stumbling block for Caribbean firms looking to compete against more polished and resourced international firms. Making a commitment to engage regional firms more directly is aiming to assist them.
The report also noted that while, “procurement challenges persist. Limited market participation, the need for further national procurement reform, the slow introduction of e-procurement solutions, and institutional capacity constraints continue to hinder timely and effective project delivery in some contexts.
“CDB addresses these barriers through a multi-faced strategy that combines systemic reform at country level, capacity building, and market engagement.”
It continued: “A key pillar of this strategy is the recognition of the private sector as an indispensable partner in achieving high-quality procurement outcomes.
“CDB-financed projects continue to benefit from strong participation by local and regional vendors, consultants, and contractors, while also seeing growing interest from international bidders.
“This trend reinforces the importance of engaging the market early and ensuring that all potential participants – especially those from within the Region – are well-informed about CDB-financed opportunities and equipped with the tools to compete effectively. In doing so, CDB not only enhances procurement outcomes but also supports the growth of a dynamic and resilient private sector across the Caribbean.”
Strengthening national procurement systems is essential to enabling countries to harness the full strategic value of public procurement, the bank said. “In the Caribbean – where public procurement accounts for a significant share of the national Gross Domestic Product (GDP) – well-functioning systems are critical for achieving greater value for money, particularly amid ongoing fiscal constraints.
“More broadly, sound public procurement serves as a powerful lever for inclusive and sustainable development. It can advance national priorities such as environmental sustainability, gender equality, and the empowerment of marginalised groups, thereby contributing to more resilient and equitable economies.”