News

News

Procurement

World Bank Group Strengthens Procurement Requirements to Support Job Creation, Skills Development

July 18, 2025

The World Bank is strengthening its procurement requirements to help address the jobs challenge in developing countries by requiring companies working on World Bank-funded projects to include local labor participation in civil works contracts.

Under the updated rules, companies bidding on international civil works contracts—such as the construction and maintenance of transportation and energy infrastructure—must ensure that 30% of labor cost is local. The goal is to boost domestic job creation and skills development. These changes apply to civil works contracts subject to competitive international procurement, starting September 1, 2025.


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Financial Management

Financial Management: Launch of FundsChain

June 30, 2025

Starting July 1, 2025, the World Bank will implement FundsChain, an innovative blockchain-based platform designed to provide end-to-end traceability on our projects.

This technology, which aligns with our goals of digitization, transparency and efficiency, will be incorporated in all our Investment Project Financing (IPF) projects funded by IBRD, IDA and Trust Funds.

FundsChain provides digitized recordkeeping, offering all project stakeholders, including development partners, borrowers, auditors, and payment recipients, a transparent way to track commitments, disbursements and to monitor the use of funds. It addresses the challenges of fragmented financial management systems by creating an immutable, tamper-free blockchain record that is accessible to all key stakeholders.

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Funds Chain

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This technology, which aligns with our goals of digitization, transparency and efficiency, will be incorporated in all our Investment Project Financing (IPF) projects funded by IBRD, IDA and Trust Funds.

FundsChain provides digitized recordkeeping, offering all project stakeholders, including development partners, borrowers, auditors, and payment recipients, a transparent way to track commitments, disbursements and to monitor the use of funds. It addresses the challenges of fragmented financial management systems by creating an immutable, tamper-free blockchain record that is accessible to all key stakeholders.