TORONTO - O trade and market access, a Canadian firm specializing in sustainable supply chain and community development solutions, has been recognized by the World Bank for its proprietary Local Community Procurement Program (LCPP) as one of the Top 15 innovations of the World Bank Procurement Innovation Challenge 2012.
“O trade and market access wanted to harness the potential of large procuring entities to impact community's livelihood and development. O trade sought to develop a way to help local communities by enabling them to secure inclusion in the private sector supply chain. By accessing business opportunities this way, communities can create sustainable livelihoods for themselves, alleviating poverty and stimulating socio-economic development", noted the Bank.
The objective of the World Bank Group is to reduce poverty and promote development. All programs, finance and activities in support of developed and developing countries are oriented to meet its two key objectives. The Procurement Innovation Challenge created by the World Bank awards Top 15 Innovations that lead to development.
“We are truly honoured by this recognition”, said O Trade founder and director Monica Ospina, “There is still so much we can achieve vis-à-vis collaborating with local communities and large global organizations.”
The LCPP as a socio-economic innovation uses procurement as an avenue to support project productivity, integrate the value chain, adhere to global standards, and multiply opportunities for local content and community development.
LCPP achieves success as it:
- Mitigates social and operational risk.
- Contributes to reduce conflict with locals and leads to obtain the social license to operate.
- Reduces dependency in the project (owner or sponsor) and creates self-sufficient and sustainable livelihoods for communities in the direct and indirect areas of influence.
- Leads towards a sustainable supply chain.
- Provides the skills and knowledge needed by small and medium size business to access the supply chain and become competitive suppliers of local industries.
- Is one of the very few social models that has its own performance indicators.
- Every single LCPP is customized to meet the demands of the project and expand opportunities for local communities, making of it a unique solution.
Learn more about O Trade at OMarketAccess.com or visit the World Bank Procurement Innovations Challenge by clicking here.