FIDIC launches new International Financial Institutions Committee

A new committee and advisory group is set to improve the effectiveness and visibility of FIDIC’s work with the international financial institutions and multilateral development banks.

FIDIC has launched a new International Financial Institutions Committee (IFIC) as part of a significant strengthening and upgrading of its committee structure and international external affairs and stakeholder relations capability.

The new committee is an important development ion the contracts arena as it will improve FIDIC’s liaison and influencing with international financial institutions (IFIs) like the multilateral development banks and other international funding agencies which have an important influence on the global infrastructure sector. The committee is set to play a key role in FIDIC’s work with IFIs and related organisations in the development of policies, guidelines and processes to improve financial management, procurement and to enable implementation of innovations and best practice.

Commenting on the setting up of the new committee, FIDIC chief executive Dr Nelson Ogunshakin said: “The launch of our new International Financial Institutions Committee is part of a detailed and thorough review of FIDIC’s public engagement work where we have sought to ensure that our committees and other representative bodies better reflect geographic diversification and have the right skills set to be more effective in a changing marketplace. Competition was stiff to sit on these revamped committees, with over 350 industry experts from around the world applying to be members.

“The new IFI committee, in common with a number of other revamped committees we will be announcing over the coming weeks, will enable FIDIC to be more external facing and help us to make a positive impact on and influence in the global infrastructure industry. Going forward, we plan to be more vocal and more visible to meet the challenges our industry faces as it moves out of the Covid crisis and beyond.”

The chair of the new FIDIC International Financial Institutions Committee is Manish Kothari, president and CEO at US multidisciplinary consultancy firm Sheladia Associates. Commenting on his new role, he said: “I’m deeply honoured and humbled by this appointment and am looking forward to working as the first chair of this crucial new FIDIC committee and to collaborating with some amazingly talented people from across the world.

“Our key aim will be to build ‘Partnership with Purpose’ between the international finance institutions and FIDIC based on trust, collaboration and strong relationships - something that is vital for the global infrastructure industry as we seek to find sustainable and resilient solutions in the face of the global pandemic and many infrastructure challenges. The committee will continue to promote FIDIC’s core principles of quality, integrity and sustainability and work towards better infrastructure while creating positive impact in the communities where we work.”

The new committee, which will meet quarterly, will monitor changes in the priorities of the IFI sector and identify relevant topics on which FIDIC should contribute to or address as a strategic priority. It will also work with IFIs to improve the business environment for engineering services for IFI-funded work and enable the sector to contribute more positively to the UN’s Sustainable Development Goals. The committee will also work closely with FIDIC’s integrity management committee and the IFI sector to implement a strong anti-corruption regime across client organisations, contractors and consultants.

Working alongside the new committee will be an advisory group made up of individuals representing the international financial institutions and the multilateral development banks. FIDIC was keen to receive input from these important organisations and members of the advisory group will attend FIDIC IFIC meetings and share knowledge, experience and highlight IFI and MDB expectations regarding the committee’s work.

The advisory group will also identify relevant topics on which FIDIC should contribute or address as a strategic priority and also share experience on the use of FIDIC contracts and agreements in their organisations’ standard bidding documents and make recommendations on future updates and developments. Members of the group will also share IFI and MDB policies related to FIDIC operations.