International Competitive Bidding - ICB

International Competitive Bidding - ICB
In financing arrangements involving the World Bank, a bidding process that requires the borrower to procure resources funded by its loan according to a number of specified conditions. ICB requires World Bank borrowers to internationally advertise the required goods or services funded by their loans, issue bids for advertisement in an acceptable international language and award contracts to the lowest acceptable bids, subject to certain considerations for qualitative judgment.

The goal of imposing an international competitive bidding requirement on loans issued by the World Bank is to promote fair and healthy competition for World Bank funded economic opportunities. The borrowing country in such an arrangement maintains a certain degree of freedom in selecting a winning bid for its projects, but it is expected that the lowest-priced, competitive bid be selected.

Investment dictionary. . 2012.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • ICB — International Competitive Bidding (Business » International Business) *** Individual Case Basis (Governmental » US Government) * Industry Classification Benchmark (Business » Stock Exchange) * Internet Connection Benchmark (Internet) * In Cold… …   Abbreviations dictionary

  • ICB — The abbreviation ICB may denote:*The journal of Integrative and Comparative Biology *Ignition contact breaker *Incoming Calls Barred *Indian Cricket Board *Industrial and Commercial Bank of Vietnam *Industry Classification Benchmark *Inertia… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”