The World Bank Group is one of the largest providers of financial and technical assistance to developing countries around the world. The Group spends over a billion dollars annually on corporate procurement. This includes the procurement of goods, services and works to ensure the smooth operation of all its offices worldwide. In the article below, we have listed the largest corporate fixed value contracts awarded by the World Bank.
Analyzing the data provided by the World Bank, the institution spent the majority of its corporate procurement funds on consulting, medical costs, IT products and services, and telecommunications.
Contract: Travel Management Services at HQ
Amount: 52,700,000 USD
Category: Miscellaneous Services
Supplier: GBT US, LLC
The biggest WB corporate procurement contract in 2018 was awarded for the purchase of travel management services with the amount allocated representing five percent of the total WB corporate procurement budget. The contracted company, GBT US, LLC, represents a branch of American Express Global Business Travel and specializes in travel management, meetings, and events as well as providing travel consulting services.
Contract: Pharmacy Benefit Administration
Amount: 52,000,000 USD
Category: Medical Services
Supplier: SilverScript Insurance
Another high-value procurement contract was awarded in 2016 for pharmacy benefit administration (PBA). PBA’s main goals are handling administrative services, removing intermediary. SilverScript Insurance is an expert in Part D prescription drug coverage (an optional US program to help Medicare beneficiaries pay for self-administered prescription drugs through prescription drug insurance premiums), serving more than 5 million members.
Contract: Global IT Support Services
Amount: 24,376,920.25 USD
Category: Consulting
Supplier: HCL America Inc
Annually, the World Bank spends significant procurement funds on IT services. In 2015, the WB awarded a high-value procurement contract for global IT support services to HCL America Inc. HCL America Inc was created in 1976 and, over the past decade, has been one of the fastest-growing technology companies in the world. The company provides information technology, infrastructure management, software engineering, data centers, and application development services.
Contract: Global Custody Services
Amount: 21,941,911.45 USD
Category: Contract Consulting
Supplier: Citibank NA
Global custody represents the custodial services provided by banks recognized as ‘global custodians’ for securities traded and settled in any country. In 2018, the World Bank spent a significant amount of its procurement funds on the purchase of global custody services from Citibank NA. The contracted company has a huge support network and is able to provide credit cards, mortgages, personal loans, commercial loans and lines of credit at an international level.
Contract: Somalia Monitoring Agent
Amount: 12,054,287 USD
Category: Consulting
Supplier: Abyrint AS
The World Bank is working alongside the Central Bank of Somalia (CBS) to implement a number of activities aimed at tackling key deficiencies affecting remittance flows to Somalia and to support the development of the country’s financial system. In 2015, the „Somalia Monitoring Agent” was another important procurement contract for which WB commissioned Abyrint AS to undertake periodic strategic reviews of emerging issues arising from institutional reform and state-building in Somalia. Abyrint AS is a management consulting firm specializing in core government systems and the building of institutional capability for fragile states.
To learn more about World Bank Corporate procurement contracts, click here.
