Dr Nelson Ogunshakin, FIDIC chief executive, has called for much better collaboration between investors, developers and consulting engineering professionals throughout the project life cycle, addressing a high-profile audience of government representatives, multilateral development banks, private sector investors and financiers at the World Bank Global Infrastructure Facility (GIF) advisory council meeting in Singapore.
Dr Ogunshakin mentioned that key to achieving better project development definition us working together in order to secure an enabling environment that will improve preparation and investment feasibility, transaction design and implementation and post-transaction and financing stages of projects.
In addition, he highlighted the need for wider utilisation of standardised procurement contractual process, such as the FIDIC Form of Construction and Professional Services Contract, which enables allocation of risk to those who are best capable, competent and positioned to manage it out.
“FIDIC represents 1.1 million engineering professionals in more than 100 countries worldwide and it’s clear from our global experience that the more we adopt a uniform approach in the area of contract and financial provision then the more efficient and effective final project outcomes can be,” said Ogunshakin.
FIDIC is an advisory partner the World Bank of GIF, which is a partnership among governments, multilateral development banks, private sector investors, and financiers which provides a new way to collaborate on preparing, structuring, and implementing complex projects. The comprehensive project support provided by the GIF draws on the combined expertise of its technical and advisory partners to ensure that well-structured and bankable infrastructure projects are brought to market in a way that sustainably meet the needs of governments and service users. Collectively, the GIF Partners have in excess of $US 1.2 trillion of infrastructure asset under management.