- The Asian Development Bank (ADB) has signed its first Alternative Procurement Arrangement (APA) with the World Bank, to put in place a single framework that will make co-financed projects more efficient.
- Under ADB’s new procurement framework, the APA allows one bank to be the lead cofinancier on a project, and the procurement of all, or a portion of, the contracts under the project to follow the lead cofinancier’s procurement guidelines and procedures.
- The APA is a step further towards reducing procurement timelines in line with Strategy 2030.
Points to remember:
- Full form of APA?
- ADB has signed its first APA with?
- Strategy 2030 is of?- ADB