With $62.3 billion in commitments in 2019, the World Bank Group is one of the largest international financial institutions supporting global development. For the first time ever, its annual Spring Meetings were held virtually last week due to the COVID-19 pandemic. Nonetheless, member countries and project implementers have been on the lookout for targeted issues for the bank to invest in.
Every year, the bank’s lending produces thousands of contract opportunities to support the financing plans discussed at the annual meetings. Devex has been tracking and analyzing these contract awards over the years to help development professionals better understand the key trends in World Bank procurement.
Now, we’re digging deeper into major contract awards over the past two years from the bank’s two lending arms — the International Bank for Reconstruction and Development and International Development Association, which are responsible for over 70% of its annual commitments.