Suriname has awarded a consultancy contract under its Competitiveness and Sector Diversification Project, a strategic initiative aimed at strengthening economic growth, improving business competitiveness, and reducing reliance on traditional industries. Supported by the World Bank, the contract has been awarded to Paylume SRL for a value of USD 159,000.

The agreement was signed on 24 April 2026 under Project ID P166187, reinforcing Suriname’s commitment to economic diversification and private sector development.

Contract Details and Scope

The awarded tender (Reference No. SR-MEA-530147-CS-CDS, TOT Ref No. 25926674) carries a total contract value of USD 159,000.

The procurement was conducted using the Consultant Direct Selection (CDS) method, a World Bank procurement approach typically applied when specialized expertise, continuity of services, or unique technical capabilities are required.

Although the award notice does not disclose the detailed scope of work, contracts under the Competitiveness and Sector Diversification Project generally focus on:

• Business environment reforms

• Investment promotion initiatives

• Digital transformation and innovation support

• Private sector competitiveness enhancement

• Institutional strengthening programs

• Economic diversification strategies

• Capacity-building and technical assistance

• Development of sector-specific growth initiatives

The consultancy is expected to contribute to policy improvements and economic modernization efforts that support sustainable growth.

Entities Involved

The project is financed by the World Bank and implemented through Suriname’s economic development and investment-related institutions responsible for advancing competitiveness and economic reform.

The successful contractor, Paylume SRL, is a Belgium-based consulting and technology services company with expertise in digital solutions, business process optimization, and institutional development. Its selection indicates a requirement for specialized technical knowledge aligned with project objectives.

Strategic Importance for Suriname

Economic diversification remains a major priority for Suriname as the country seeks to broaden its economic base, attract investment, and create sustainable growth opportunities beyond traditional resource-dependent sectors.

The project aims to:

• Improve national competitiveness

• Strengthen private sector development

• Encourage innovation and entrepreneurship

• Enhance institutional effectiveness

• Promote investment and economic diversification

• Support long-term economic resilience

These objectives align with Suriname’s broader efforts to create a more dynamic and inclusive economy.

Economic and Development Impact

The consultancy assignment is expected to support reforms and initiatives that generate long-term benefits for the business community and the wider economy.

Expected Benefits

• Improved investment climate

• Increased private sector participation

• Enhanced business efficiency and productivity

• Stronger institutional capacity

• Greater economic diversification opportunities

• Improved competitiveness in regional and global markets

Successful implementation could help create a more attractive environment for domestic and foreign investment.

Technical and Procurement Insights

The Consultant Direct Selection method is often used when a consultant possesses unique qualifications or prior experience relevant to a project's objectives. Assignments under competitiveness and diversification programs frequently involve:

• Strategic planning and advisory services

• Policy and regulatory reviews

• Digital transformation support

• Market analysis and sector assessments

• Institutional capacity development

• Stakeholder engagement and implementation support

Such expertise is critical for helping governments implement reforms that enhance economic performance and competitiveness.

Conclusion

The award of the USD 159,000 consultancy contract to Paylume SRL marks another step in the implementation of Suriname’s Competitiveness and Sector Diversification Project. Through specialized technical assistance and advisory services, the assignment is expected to support economic reform efforts, strengthen institutional capabilities, and promote sustainable private sector growth.

As Suriname continues pursuing economic modernization and diversification, strategic investments in expertise, innovation, and competitiveness will remain essential for building a resilient and future-ready economy.

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