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The Pacific Islands Forum Secretariat

Simplified Competitive Dialogue

Framework Agreement for Correspondent Banking Relationships

Invitation for Initial Selection

Procuring Agency: The Pacific Islands Forum Secretariat (PIFS)

Countries: Fiji, Kiribati, Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu (Collectively Pacific Island Countries (PICs), PIC Recipients)

Project: Pacific Strengthening Correspondent Banking Relationships Project (P502591)

Framework Agreement Title: Correspondent Banking Relationships Service Provider 

RFB Reference No.: PIF-001/2025

Loan No./Credit No./Grant No.: IDAE3610 to E3690 and IDA76200 to 76400

Issued on: June 6, 2025.

1. The Pacific Islands Forum Secretariat (PIFS) and the participating countries listed above (PIC Recipients) have received financing from the International Development Association (World Bank) to support the Strengthening of Correspondent Banking Relationships (CBR) in the Pacific (the Project). A portion of this financing will be used to finance the Correspondent Banking Relationship Service (CBRS) to eligible financial institutions (Respondent Banks) to be provided by CBR Service Provider(s).

2. Pacific Island Countries (PICs) have faced a significant decline in CBRs. Supervisory enforcement of international standards can make correspondent banking a high-risk, low-profit business requiring high transaction volumes. This procurement seeks to identify and engage CBR Service Provider(s) capable of delivering temporary, emergency correspondent banking services to Respondent Banks at risk of, or already experiencing, the loss of existing CBRs. Selected CBR Service Provider(s) will be expected to assess, design and implement compliance-strengthening and capacity-building programs for Respondent Banks, and to establish services promptly to help maintain uninterrupted access to critical international financial flows.

3. With an enhanced implementation support from the World Bank, PIFS, the Procuring Agency, is undertaking a procurement process with a view to concluding a Framework Agreement (FA) following an accelerated and simplified competitive dialogue approach. The FA to be concluded will be Multi-User type, for a Term of two to five years from the commencement date stated in the FA. The selection of one or more CBR Service Providers to be awarded a Call-off Contract may be done through a secondary procurement process as defined in the FA. However, the conclusion of a FA shall not impose any obligation on PIFS, including participating PIC Recipients, to hire Correspondent Bank Services under a Call-off Contract from the selected providers in the FA. The concluded FA does not guarantee that a CBR Service Provider will be awarded a Call-off Contract.

4. An accelerated and simplified Competitive Dialog process with Initial Selection (IS) will be conducted in accordance with the World Bank’s Procurement Regulations for Borrowers- Procurement in Investment Projects Financing, February 2025 (Procurement Regulations). The Competitive Dialog phase will have the objective of discussion the overall requirement with Initially Selected parties, which will in turn inform the finalization of a Request for Proposals (RFP) document. Upon completion of the Competitive Dialog phase, final bidding will be conducted through an International Competitive Procurement using the RFP as specified in the Procurement Regulations to those organizations identified through the accelerated and simplified competitive dialogue phase. It is expected that the Request for Proposals will be made in July 2025.

5. Interested eligible applicants may obtain further information from the PIFS at the email address below. A complete set of Initial Selection documents in English may be requested by interested Applicants on the submission of a written request to the address below.

6. Two briefing conferences will be held by videoconference on: (i) June 16, 2025, at 4:00 PM Eastern Daylight Time (EDT) / June 17, 2025, at 8:00 AM Fiji Time; and (ii) June 18, 2025, at 9:00 AM London Time / June 18, 2025 8:00 PM Fiji Time. Interested applicants should express their interest in participating in the briefing conference and request the link to join at the address below. The videoconference aims to provide interested applicants (banks, firms and financial institutions) with an overview of the Project and the services required under the FA, discuss the initial selection documents, simplified competitive dialogue approach and answer any questions. Following the briefing conference, the banks, firms and financial institutions may seek additional clarification to the address below by July 1st, 2025.

7. Applications for Initial Selection shall be submitted by email to the address below by 2:00 PM (Fiji Time) on July 7th, 2025, using the forms included in the Initial Selection documents. Late applications may be rejected. To provide the CBR services, the applicants shall comply with the requirements set forth in the IS docs, including the following: (i) Applicants must hold a banking license or a payment institution license (or equivalent) for the provision of CBR-related services; and (ii) applicants must be able to demonstrate an ability to clear wholesale and retail transactions in USD and at least another key currency (AUD, EUR, FJD, GBP, NZD) directly or through pre-arranged correspondent banking relationships.

https://projects.worldbank.org/en/projects-operations/procurement-detail/OP00362127

The address(es) referred to above is:

Pacific Islands Forum Secretariat (PIFS)

Attn: Ajay Jagannath – Project Coordinator

Ratu Sukuna Road, Suva, Fiji

Email: pacific_cbr@worldbank.org

Website: https://forumsec.org/;