Risk Monitoring Can be Enhanced as U.S. Businesses Face Challenges Competing.

This report from the Government Accountability Office (GAO) examines the challenges faced by U.S. businesses when competing for contracts awarded by World Bank borrowers. The report found that borrowers often prioritize the lowest cost when evaluating proposals, which raises concerns about the consideration of quality. Businesses also raised concerns about the World Bank's oversight of procurement and implementation, as well as transparency and integrity issues. The GAO recommends that the Treasury develop formal processes for monitoring World Bank borrower projects. The report discusses the World Bank's procurement process, the involvement of U.S. businesses and government agencies, and the need for improved guidance and processes for monitoring projects and supporting U.S. businesses. [Extracted from the article]