International Competitive Bidding - ICB

AAA

DEFINITION of '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.

INVESTOPEDIA EXPLAINS 'International Competitive Bidding - ICB'

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.

RELATED TERMS
  1. Emerging Market Economy

    A nation's economy that is progressing toward becoming advanced, ...
  2. The World Bank

    An international organization dedicated to providing financing, ...
  3. Group of Ten - G10

    Eleven industrialized nations that meet on an annual basis to ...
  4. Group Of Seven - G-7

    A forum of the world's seven most industrialized economies. The ...
  5. International Monetary Fund - IMF

    An international organization created for the purpose of: 1. ...
  6. Netting

    Consolidating the value of two or more transactions, payments, ...
Related Articles
  1. What Is The World Bank?
    Insurance

    What Is The World Bank?

  2. An Introduction To The International ...
    Fundamental Analysis

    An Introduction To The International ...

  3. What Is An Emerging Market Economy?
    Economics

    What Is An Emerging Market Economy?

  4. Is it possible to obtain a loan from ...
    Retirement

    Is it possible to obtain a loan from ...

comments powered by Disqus
Hot Definitions
  1. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  2. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  3. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  4. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  5. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  6. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
Trading Center