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Chile has become the first country whose public procurement system will be accepted by the Inter-American Development Bank (IDB) for use in projects it finances, the multilateral said in a statement.
The decision is the result of an IDB evaluation of Chile's online government procurement portal, ChileCompra, in which it concluded that the country meets international best practices in the area of public contracts and procurement.
This evaluation followed the requirements set out in the "Guide for Acceptance of the Use of Country Procurement Systems," which IDB approved in June 2010, based on best practice indicators established by the Organization for Economic Cooperation and Development (OECD).
The agreement between Chile and IDB will enable some 100,000 companies already registered with the ChileCompra system to automatically access procurement opportunities associated with IDB-financed projects. These companies will avoid duplicating processes when bidding on IDB contracts, thereby reducing transaction costs and contributing to greater efficiency.
IDB-financed procurement opportunities include consulting services, related goods and services, and construction projects with certain limitations.
"IDB is the first multilateral organization to agree to accept the use of a country's national procurement system in the region," said María Camila Uribe, the IDB's representative in Chile.