The world’s first Open Contracting Data Standard (OCDS) launched in Costa Rica today, and is set to transform the way governments publish contracting data.

The OCDS is a product of the Open Contracting Partnership (OCP), developed by the World Wide Web Foundation through a project supported by the Omidyar Network and the World Bank.

It will shine a light on how trillions of dollars of public money are spent, helping to fight corruption, improve service delivery and enhance market efficiency.

Governments around the world spend 9.5 trillion USD each year in contracting but until now, the data has largely been inaccessible.

The OCDS gives governments a common format and set of practical tools which will allow them to consistently publish contracting data openly. The OCDS will ensure contracting is transparent and efficient, allowing businesses to compete effectively creating business growth and maximising public engagement.

As part of the announcement the Open Contracting Partnership are inviting governments to access the Standard and adopt the tools to ensure contracting is transparent and efficient, and citizens and NGOs are urged to monitor and analyse published data.