SINGAPORE - Trade agency International Enterprise (IE) Singapore and the World Bank have co-organised their first outreach session to companies here on Wednesday (June 29).

The workshop will give Singapore companies an introduction to the World Bank and an overview of the procurement process for the projects it funds, said the agency in a statement on Wednesday (June 29).

Said IE Singapore chief executive officer Lee Ark Boon: "Singapore companies have the necessary expertise along the infrastructure value chain to competently deliver projects in Asia and beyond. This workshop opens up another avenue of project leads as we help our companies navigate World Bank's procurement process and better appreciate the requirements of bank-funded projects."

The World Bank structures and finances development projects. In financial year 2015, it approved US$42.5 billion for 302 projects globally. Of these, 57 projects were in the East Asia and Pacific region, and 103 projects in Africa.

At the workshop, the World Bank will share upcoming trends in water, transport and information and communications technology sectors, as well as case studies of projects done in the region and the process involved.

The Word Bank recently updated their procurement framework to focus on value for money, to differentiate bids and to ensure the best results for a project. Singapore companies should compete on quality rather than cost, to bring better value to all project stakeholders, said IE Singapore.