CFCU meaning in Business ?

Answer:

What is Central Finance and Contracts Unit mean?

The Central Finance and Contracts Unit (CFCU) (Turkish: Merkezî Finans ve İhale Birimi) is a unit within the Undersecretariat of REPUBLIC OF TURKEYMINISTRY OF TREASURY AND FINANCE of the Republic of Turkey. It was established by a Memorandum of Understanding which is signed between the European Commission and the Republic of Turkey on 14 February 2002 which was subsequently ratified by the Grand National Assembly of Turkey on the 29 January 2003.

The CFCU is taking the responsibility for the overall budgeting, tendering, contracting, payments, accounting and financial reporting aspects of all procurement in the context of the EU funded programmes in Turkey. As a central unit, the CFCU is operating as an independent body but is attached to the Secretariat General for EU Affairs of Turkey and the National Aid Coordinator of Turkey.

The Central Finance and Contracts Unit is an integral part of the Turkish public administration that will take decisions autonomously under the responsibility of a Programme Authorising Officer (PAO). Although the CFCU is administratively linked (e.g. for logistic support) to the Undersecretariat of Treasury it is run independently.

The CFCU has the sole responsibility over the overall budgeting, tendering, contracting, payments, accounting and financial reporting aspects of the procurement of services, supplies, works and grants in the context of EU funded programmes in Turkey.

The CFCU ensures that the EU rules, regulations and procedures pertaining to the procurement of services, supplies, works and grants are adhered to and that a proper reporting system is functioning.

The CFCU advises the Senior Programme Officers (SPO) within the Line Ministries on EU external aid implementation procedures (e.g. procurement and contracting procedures), however, full responsibility for technical implementation remains with the SPO.

More specifically the CFCU, acting as the Contracting Authority, is entrusted with the following tasks:

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