Taking into account considerable amounts of financing received by Ukraine from the International Financial Institutions (IFIs), in particular for implementation of infrastructure projects in Ukraine, we decided to prepare an overview of infrastructure development projects financed by IFIs. The material will be of interest to public organizations, in particular for those monitoring the public procurement, as well as to commercial sector, because despite the high qualification requirements limiting an independent participation of the Ukrainian contractors in projects, the rules of IFIs encourage formation of joint ventures and consortiums of contractors for joint implementation of projects.
It is not an easy task to cover activities of all the IFIs working in Ukraine. Therefore our overview concerns exclusively the World Bank Group (World Bank), European Bank for Reconstruction and Development, and European Investment Bank.
In its recent practice, while supporting an infrastructure project financed under the loan of one of the International Financial Organizations (accordingly, procurement procedures of such IFO and Conditions of Contract of FIDIC (International Organization of Consulting Engineers) were applied in that project), the team of this Firm faced a debatable issue of signing of a contract between the Employer and Successful Tenderer. To our astonishment, a discussion arose with regard to the consequence of Contract Agreement signing and Contract Performance Security furnishing by the Successful Tenderer. At first sight, the issue is rather unambiguous, but having had a talk with our colleagues, we found out that many employers did hesitate at which contract performance phase following the contract award to the tenderer, the Performance Security should be furnished and when the Contract Agreement making part of FIDIC Contract should be signed, and, just as important, in what sequence those events should take place.