6 FIDIC Contract Users’ Newsletter
EIB agreement underlines FIDIC influence with MDBs The signing of a cooperation agreement with the European Investment Bank (EIB) is the latest in a long line of MoUs FIDIC has signed with the global multilateral development banks. In May, FIDIC signed a five-year memorandum of understanding (MoU) with the European Investment Bank (EIB) to foster cooperation on a range of shared objectives and on effective procurement and contract management. The EIB agreement is the latest in a series of MoUs that FIDIC has signed with MDBs worldwide and taken together these agreements will raise the profile and use of FIDIC contracts globally, ensuring greater transparency and upholding high social and environmental standards in the implementation of infrastructure projects. FIDIC has now signed agreements with the vast majority of the key MDBs around the world and this will see FIDIC contracts being referred to and included in many of these banks’ standard bidding documents for projects that they finance. This represents a big vote of confidence in FIDIC’s contracts as it shows that the banks endorse the fair and balanced approach that these documents offer to parties on major construction contracts. The agreement between FIDIC and the EIB will see both organisations collaborate across a number of key areas and activities, including increasing dialogue and expert meetings between both parties, promotion of knowledge-sharing and cross institutional learning, participation in key working groups and training courses relating to the use and application of the FIDIC documents, participation in FIDIC’s
Issue 7 - July 2021
tunnelling and underground works. multilateral development banks Previous agreements also signed with (MDBs) advisory group, involvement a number of international contracting in FIDIC training programmes for organisations including some in China, MDBs and FIDIC contract users and will further widen the influence and use participation in FIDIC conferences and of FIDIC contracts on the global stage. webinars. Highlighting how well regarded Commenting on the agreement FIDIC contracts are by international signed with the EIB, FIDIC chief funders, the comments of Ricardo executive Dr Nelson Ogunshakin Mourinho Félix, EIB vice-president, said: “I am absolutely delighted that are particularly instructive. “I am FIDIC has signed this landmark delighted to sign this MoU between agreement with the EIB and that our two organisations will be working closely on areas of mutual interest. The EIB is the largest multilateral financial institution in the world and the MoU we have signed is a big boost for FIDIC and its members, the EIB, international EIB vice-president Ricardo Mourinho Felix and FIDIC CEO Dr Nelson consulting and engineering firms Ogunshakin at a virtually held signing ceremony. and also the wider the European Investment Bank and global construction sector. We are international engineering federation really looking forward to working with FIDIC. This deepens our cooperation EIB and to building our partnership to strengthen high standards around over the next five years.” procurement. Ensuring transparency, In the past year, FIDIC has preventing corruption and upholding signed similar agreements with the high social and environmental Islamic Development Bank, the standards are essential key elements International Fund for Agricultural for projects backed by the EIB. Development and has recently We take this extremely seriously expanded its agreement with the and this partnership is part of this World Bank to include the FIDIC commitment.” Emerald Book form of contract for
