The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

This series is produced by the Macroeconomics, Trade, and Investment (MTI) Global Practice of the World Bank. The papers in this series aim to provide a vehicle for publishing preliminary results on MTI topics to encourage discussion and debate. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Citation and the use of material presented in this series should take into account this provisional character.

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

China's Belt and Road Initiative (BRI) is a mechanism through which countries can upgrade connectivity-related infrastructure, including through cross-border projects, complementing traditional sources of finance. An overarching goal of the BRI is to reduce trade costs between China and partner countries, in part by helping to integrate regional markets. The large-scale borrowing associated with BRI projects has given rise to potential debt servicing and sustainability concerns. The rate of return of BRI regional infrastructure projects depends in part on the integrity of public procurement processes and realizing value for money objectives. To date BRI projects financed by Chinese institutions have been largely awarded to Chinese companies. In this paper, we discuss good practices and policy options to enhance transparency of BRI procurement processes and achieve value for money, including through international cooperation among countries participating in the BRI.

China's Belt and Road Initiative (BRI) is a mechanism through which countries can upgrade connectivity-related infrastructure, including through cross-border projects, complementing traditional sources of finance. An overarching goal of the BRI is to reduce trade costs between China and partner countries, in part by helping to integrate regional markets. The large-scale borrowing associated with BRI projects has given rise to potential debt servicing and sustainability concerns. The rate of return of BRI regional infrastructure projects depends in part on the integrity of public procurement processes and realizing value-for-money objectives. To date BRI projects financed by Chinese institutions have been largely awarded to Chinese companies. Enhancing transparency of BRI procurement processes and international cooperation among countries participating in the BRI would help achieve value for money goals and support the integration of BRI countries.