The Islamic Development Bank Group’ (IsDB), a Saudi based Multilateral Development Bank, has recently signed an Agreement with ‘International Federation of Consulting Engineers’, (FIDIC), Geneva, Switzerland.
It can be noted that FIDIC is the global representative body for national associations of consulting engineers. Under the Agreement, FIDIC grants to IsDB a non-exclusive license to refer to seven FIDIC Standard Documents for projects that are financed by IsDB, where IsDB Standard Bidding Documents are used. FIDIC also grants IsDB a non-exclusive license to develop its own Conditions of Particular Application for use with the FIDIC Documents.
The Agreement has been signed for a period of 5 years. The Agreement will help IsDB in adoption of the 2017 FIDIC suite of Standard Contract Documents, and adoption of latest practices in Project and Contract Management.
The Agreement was signed on behalf of IsDB by H.E. Dr Mansur Muhtar, Vice President, Country Programs and on behalf of FIDIC by Dr Nelson Ogunshakin, FIDIC CEO.