7 FIDIC Contract Users’ Newsletter
AfDB signs five-year agreement to use FIDIC standard contracts The African Development Bank has signed a five-year agreement to use FIDIC standard contracts. FIDIC has signed a major agreement with the African Development Bank (AfDB) that will see the international funding organisation include the use of seven FIDIC standard contracts for the next five years. FIDIC has granted The African Development Bank will use FIDIC contracts as part of their standard bidding documents. the AfDB a non-exclusive licence to refer to the seven as emphasised under the operating in the global improving living conditions major FIDIC contracts bank’s new procurement market to adopt the use of for people in Africa. The (see list in notes below) for framework.” FIDIC standard procurement signing of this agreement projects they finance and the FIDIC president contracts as an effective means that FIDIC has now documents may be used as Bill Howard said: “I’m tool to mitigate the risks entered into similar licencing part of the bank’s standard delighted that FIDIC has associated with investable agreements with almost all bidding documents. The concluded this agreement infrastructure asset class.” of the major global funding contracts include the latest with the AfDB. It’s a key Commenting on the organisations. By adopting 2017 Second Edition FIDIC aim of ours to strengthen agreement, Frank Mvula, the FIDIC contracts on contracts and 1999 editions, FIDIC’s relationships the bank’s director of major projects, the AfDB which cover a wide range of with the multilateral fiduciary services and is demonstrating that they international construction development banks and inspection, said: “We are endorse the fair and balanced and infrastructure work and other international funding glad to have concluded approach our documents the move by AfDB is another institutions, as improved an agreement with FIDIC offer to parties on major significant endorsement communication and that would enable us to construction contracts. for FIDIC cooperation incorporate We believe contracts “Agreements like will bring FIDIC that this will from a major “We are delighted benefits to the contracts in create more international to have signed this these can only be whole industry. some of our certainty in funding agreement with the good for FIDIC, the Agreements standard the market as organisation. AfDB, an organisation banks, lenders, bidding global infrastructure like these can FIDIC sector and the banks only be good documents. chief executive doing fantastic work investors and for FIDIC, There is no Dr Nelson fighting poverty and clients adopt and I look forward to doubt that the them. Ogunshakin improving living a mutually beneficial the global infrastructure use of FIDIC “The said: “We conditions for people AfDB’s contracts is a relationship with AfDB sector and the are delighted in Africa.” over the coming years.” banks and I step towards endorsement to have look forward enhancing should also signed this to a mutually beneficial equity and fairness as well provide additional comfort agreement with the AfDB, an relationship with AfDB over as efficient and effective to the financial, institutional organisation doing fantastic the coming years.” contract management and private equity investors work fighting poverty and
