The World Bank issued its updated Procurement Framework and Regulation on July 1, 2016. The Regulations provide many choices for borrowers to design the right approach to their market, and specifies the rules that must be followed. Complementing the regulations are a series of guidance notes and standard procurement documents (SPDs) that serve as models in various industries.

The World Bank's regulations exist as a complement to other procurement standards. The World Bank provides a flexible approach for borrowing governments to design the right approach to the market for their circumstance.

Under the new procurement framework, there are four key innovations to help businesses and country clients:

• Needs and risks of a project are analyzed through a Project Procurement Strategy for Development (PPSD). This analysis enables the borrower to have a strategy on how best to engage with bidder. The analysis aims to ensure that procurement processes are fit for purpose, allow choice, and are appropriate to the size, value, and risk of the project.
• Value for Money (VfM) is a core procurement principle in all procurements financed by the World Bank. VfM means a shift in focus from the lowest evaluated compliant bid to bids that provide the best overall value for money, taking into account quality, cost, and other factors as needed.
• The approach to resolving procurement-related complaints adds capacity to promptly respond to any concerns during the procurement process. A standstill period is also included—a pause between identifying who should win the contract and actually awarding them the contract so that other bidders can voice any concerns before a contract is actually legally formed and awarded.
• The World Bank is also more involved in contract management of procurements with high value and high risk as an attempt to ensure the best possible outcomes and that problems are resolved quickly.

As an international development bank, the World Bank does not focus on aerospace and defense procurement.