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Procurement

Introduction

EDCF Procurement Guidelines (the "Guidelines") is to set forth the general principles and procedures to be followed by the Borrower in carrying out the procurement of goods and works including related services required for the Project to be financed in whole or in part by the Export-Import Bank of Korea (the "Bank") from the resources of the Economic Development Cooperation Fund (the "EDCF").

The term "the Borrower" also refers to the Project Executing Agency and the term "services" as used in these Guidelines excludes consulting services.

Applicability

The Guidelines apply to all procurement of goods and works to be financed by the proceeds of the Loan.

The application of the Guidelines to a particular Project financed by the Bank will be stipulated in the Loan Agreement between the Bank and the Borrower.

For the procurement of those goods and works not financed out of the proceeds of the Loan, the Borrower may adopt its own procurement procedures.

In such cases the Bank should be satisfied that the procedures to be used will fulfill the Borrower's obligations to cause the Project to be carried out diligently and efficiently.

General
Considerations

The responsibility for the implementation of the Project, and therefore for the award and administration of contracts under the Project, rests with the Borrower.

The proceeds of the EDCF Loans are required to be used with due attention to considerations of economy, efficiency and non-discrimination among those eligible to bid for procurement contracts.

The Borrower shall carry out due diligence on the technical and financial qualifications of Suppliers to be assured of their capabilities in relation to the specific contract.

Eligibility of
Procurement

Goods eligible for financing under the EDCF loan are those produced in the eligible source countries which will be defined in the relevant Loan Agreement.

The Suppliers/Contractors shall be nationals of the Eligible Source Countries or juridical persons incorporated and registered therein.

Advanced
Contracting and
Retroactive Financing

In certain circumstances, advance contracting, whereby the Borrower signs a contract before the signing of the related Loan Agreement may be acceptable in the interests of more rapid and efficient execution of the Project. The procurement procedures should be in accordance with the Guidelines in order for the eventual contracts to be eligible for the financing by the Bank, and the normal review process by the Bank should be followed.

A Borrower undertakes such advance contracting at its own risk, and any approval of the Bank with the procedures, documentation or proposal for award does not commit the Bank to make a loan for the Project in question. The reimbursement by the Bank of any payments made by the Borrower under the contract prior to the Effective Date of the Loan Agreement is referred to as "Retroactive Financing", and is only permitted within the limits specified in the Loan Agreement.

Procurement
Methods

Except as otherwise agreed upon between the Bank and the Borrower, the procurement methods acceptable to the Bank are: (i) Competitive Bidding; (ii) Limited Competitive Bidding among Korean companies; (iii) Shopping; and (iv) Direct Contracting with a Korean company(ies).

The particular procurement methods and the categories of goods and works to which they apply are determined by the agreement between the Bank and the Borrower either prior to or at the stage of the appraisal of the Project, and will be specified in the Loan Agreement.

Bank’s Approval

The Bank approves the Borrower's procurement procedures, documents, bid evaluations and contracts to ensure that the procurement process is properly carried out.

The Loan Agreement will specify the extent to which these approval procedures will apply in respect of the different categories of goods and works to be financed out of the proceeds of the Loan.

Misprocurement

The Bank does not finance expenditure for goods and services which have not been procured in accordance with the agreed procedures, and the Bank may cancel the portion the EDCF Loan allocated to goods and services that have been misprocured.

The Bank may, in addition, exercise other remedies under the Loan Agreement. It is the Bank's policy to require that Bidders/Suppliers/Contractors as well as Borrowers under contracts financed by EDCF loans, observe the highest standard of ethics during the procurement and execution of such contracts.

In pursuance of this policy, the Bank:
a) will reject a proposal for award if it determines that the Bidder or the Consultant recommended for award has engaged in corrupt or fraudulent practices in competing for the contract in question;

b) will declare a firm ineligible, for a period determined by the Bank, to be awarded a contract financed by a EDCF loan if it at any time determines that the firm has engaged in corrupt or fraudulent practices in competing for, or in executing, a contract financed by a EDCF loan.

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