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The World Bank’s Board of Executive Directors has approved a new policy governing procurement in projects financed by the Bank.

For the first time, the World Bank will allow any contract award decisions to be based on criteria other than lowest price, including quality and sustainability. In specific circumstances and with approval from the Bank, clients will be able to use the procurement arrangements of other multilateral development partners or of national agencies.

The World Bank’s procurement system affects a portfolio of about $42 billion in over 1,800 projects in 172 countries.

 “A portfolio this size needs a modern and nimble procurement approach that gives our clients the best value for each dollar that we invest,” said Hartwig Schafer, World Bank Vice President for Operations Policy and Country Services.

The new Procurement Framework will go into effect in 2016.