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WASHINGTON, Aug. 4 -- The World Bank said on Monday that it is launching global consultations to reform the procurement rules of goods and services under projects financed by the global lender.

"We want procurement in bank operations to support clients to achieve value for money with integrity in delivering sustainable development," said Kyle Peters, Vice President of Operations Policy and Country Services at the World Bank.

At the center of the new procurement approach is decision-making based on value for money. When considering bids, the World Bank will take into account pre-defined non-price attributes, such as quality criteria, in addition to the price.

"The objective of the procurement policy review is to make procurement more fit for purpose and equip the World Bank to better respond to client needs, while at the same time ensure that World Bank funds are used with the highest integrity and for the intended purposes," said Stefan Koeberle, Director for Operations Risk Management at the World Bank.

The new framework also introduces sustainable procurement, the use of procurement systems other than the World Bank's, engagement with strategic suppliers, and a streamlined and more efficient approach to procurement complaints that will be centrally monitored and tracked.

The World Bank is inviting all interested stakeholders to review the proposed procurement framework and submit comments through a dedicated consultation website. The comment period is open from August through November 2014.

The World Bank will arrange to meet with shareholders and stakeholders from September through November to discuss the proposed new policy framework in detail. Implementation is expected for mid-2015.