New advisory group strengthens links with IFIs

A new advisory group has been set up to improve dialogue and help strengthen FIDIC’s links with the international financial institutions.

A new advisory group to provide a platform where international financial institutions can have a dialogue with FIDIC’s international financial institutions committee (IFIC) has recently been set up.

The group, which includes individuals from international financial institutions and multilateral development banks, will attend FIDIC IFIC meetings as appropriate, share relevant knowledge and experience, highlight international financial institutions’ priorities to the committee and identify relevant topics to which FIDIC should contribute or address as a strategic priority and also share experience on the use of FIDIC contracts and agreements in standard bidding documents and make recommendations on future updates and developments.

Given the wide range of international financial institutions from around the world, pulling together the advisory group has been challenging but it is a testament to the willingness of IFIs to get involved that the first meeting of the group had attendance or expressions of interest from the European Bank for Reconstruction and Development, European Investment Bank, Islamic Development Bank, Asian Development Bank, Japan International Cooperation Agency, KfW Development Bank, French Development Agency and the International Fund for Agricultural Development.

The first meeting and a subsequent follow up session saw the banks will present their key priorities and discuss areas of potential collaboration. Going forward, it is envisaged that cooperation will encompass a range of areas, expanding wider than contract-related discussions, to eventually channel through into the work of other FIDIC committees especially those related to sustainability and integrity.

Members of the IFIC advisory group are confirmed by the FIDIC secretariat and board upon the consent and endorsement from the relevant financial institution that the member represents. The composition of the group will reflect as much as possible FIDIC diversity and inclusivity principles and members will be appointed for either a two- or four-year period.

The group will provide a key conduit for IFIs and multilateral development bank to share their policies as they relate to FIDIC operations and help to strengthen relations with an important stakeholder grouping for FIDIC. Commenting on the formation of the new group, FIDIC chief executive Dr Nelson Ogunshakin said: “I am delighted that we now have this structured process to engage the IFIs. The first meeting provided FIDIC with an opportunity to gain an initial insight into the IFIs’ area of interests and also their expectations from the FIDIC international financial institutions committee.

“We have taken note of some of the areas raised by the IFIs - notably on sustainability, integrity, translation, training, procurement policy and post-Covid priorities - and the FIDIC team will be giving due consideration on how to best to proceed on the specific points raised during future IFIC meetings which will be organised in the months ahead.”

Ogunshakin said that he was looking forward to building a stronger and mutually beneficial collaboration relationship with the IFIs going forward and that the advisory group would play a key role in that.