Calling for fair and transparent international tender procedures

EIC is grateful to the International Financing Institutions (IFIs) and Multilateral Development Banks (MDBs) for having been given the opportunity to submit business feedback to the current revision and harmonisation process of procurement guidelines. Whereas EIC understands the general rule of the IFIs, that it is the promoters which are fully responsible for implementing projects financed by the Banks, in particular for all aspects of the procurement process as well as administration of the contracts themselves, we also believe that these public lenders – which are using the taxpayer’s money - should closely review this process and coach a contract towards a successful completion by means of the related Loan Agreement. As a minimum, IFIs should insist on certain international minimum standards in works contracts financed fully or partly by them. This is valid, in particular, for the International Arbitration Clause which is a crucial pillar for international commercial transactions.