New agreement signed between the World Bank and FIDIC to strengthen international cooperation
As part of FIDIC’s ongoing commitment to foster partnership with international stakeholders, FIDIC signed a five-year agreement with the World Bank in 2019. This strategic alliance with an international funding organisation will see the banks using six standard FIDIC contracts over the next five-year period. For both, this is also an important step going forward as it provides the possibility for stronger engagement for using and maintaining the high standards which form the pillars of FIDIC globally recognised standards.
The agreement provides for a non-exclusive license to refer to six FIDIC contracts for the projects which the World Bank finances. This is a major endorsement for FIDIC contracts which will be used by the international funding agency as part of its standard bidding documents. The 2017 edition of the Rainbow Suite of contracts will also help to create more certainty in the market, as many typical commercial risks and challenges are clearly addressed in the contracts.
