Project Procurement

The OPEC Fund, by its mandate, is required to ensure that the proceeds of its financing are used only for the approved purposes, with due consideration of economy and efficiency and without any regard to political, monetary or non-monetary influences. Project procurement is a fiduciary responsibility of the OPEC Fund.

To ensure that financing is used and applied in ways that adequately secure the OPEC Fund’s mandate while maximizing development impact in partner countries, the OPEC Fund has launched new Procurement Framework Documents which are consistent with other international financial institutions’ procurement guidelines. The framework aims to achieve value-for-money for beneficiaries along with integrity in delivering sustainable development.

All procurement arrangements financed through OPEC Fund public sector loans and grants are governed by this framework, which adheres to the core procurement principles of economy, efficiency, effectiveness and equity, while also promoting flexibility in tailoring procurement approaches that are fit-for-purpose and reflecting choice, quality and value-for-money in public spending.

The framework comprises mandatory requirements set out in the Principles for Procurement of Goods, Works and Services (“Principles”) and the Procedures for Procurement of Consulting Services and Procedures for Procurement of Goods, Works and Non-Consulting Services (collectively referred to as “Procedures”). These Principles and Procedures govern the project procurement by the OPEC Fund in whole or in part, unless agreed otherwise.

The application of the Principles and the Procedures is supported by a suite of standard bidding documents, a user’s guide, tools and templates, which are available on this website for download and immediate use.

Project Procurement

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