International engineering federation FIDIC (the International Federation of Consulting Engineers) has secured an agreement with the Asian Infrastructure Investment Bank (AIIB) that will see the bank include the use of nine FIDIC standard contracts for the next five years.
Contracts include the latest 2017 Second Edition FIDIC contracts and 1999 editions, which cover a range of international construction and infrastructure work.
The agreement with the AIIB, a Chinese-led multinational lender to infrastructure schemes, follows similar agreements signed with the World Bank, Inter-American Development Bank, Caribbean Development Bank and the European Bank for Reconstruction and Development in recent months.
FIDIC chief executive Dr Nelson Ogunshakin said: "We are delighted to have signed this agreement with the AIIB as it means that FIDIC has now entered into similar agreements with nearly all of the major international funding organisations. This will create more certainty in the market as by adopting the FIDIC contacts on major projects the AIIB is saying that they endorse the fair and balanced approach that these documents offer to parties on major construction contracts."
Commenting on the signing, Zheng Quan, director general for the strategy, policy and budget department at the AIIB, said: "We are very pleased that in signing this agreement it will allow the AIIBÂ the opportunity to incorporate FIDIC forms of contract into its suite of standard tender documents which are currently under development for use by the bank’s clients.
"The use of FIDIC forms of contract will ensure that infrastructure contracts financed by the AIIB are fit for purpose and will be implemented in accordance with best international standards. The AIIB looks forward to further productive collaboration with FIDIC."
Image: FIDIC chief executive Dr Nelson Ogunshakin with Asian Infrastructure Investment Bank president Jin Liqun (FIDIC)