World Bank Agreements

[Therefore], the question arises as to whether it might be desirable for the [World Bank] to take a second look at Section 10.01 and clarify its importance. Certainly, the negative wording of this old provision is cumbersome. It must be recognized that, like Mr. Broches, a double meaning for a single provision that should govern both the relationship between the Bank and one of its members and that between the Bank and a borrower other than a member is an invitation to criticism. Instead of approaching the substantive issue in this timid way, the bank would be better advised to… provide firmly and positively that their loan or guarantee agreements, whether or not they have been concluded with a Member State, are always governed by international law…. Such a reformulation of section 10.01 would correspond to modern trends in legal thinking and dispel the ambiguities of Section 10.01 in its current form. FIDIC, the International Federation of Consulting Engineers, is the global representation of national consulting engineering associations and represents more than one million engineers and 40,000 companies in more than 100 countries around the world. The building and infrastructure sector, which includes FIDIC members, contributes about $36 trillion to global GDP. The parties to the loan agreement and the guarantee agreement strive to resolve by mutual agreement the disputes or controversies arising from these agreements. To this end, the other party or the parties, initiating such an agreement, meets with the dispute at issue or controversy and responds to the initiator`s written request for the dispute or controversy. Each member deals with the bank only through its treasury, central bank, stabilization fund or similar financial agency, and the Bank deals with members only through or through the same agencies.

You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before you leave, we`d like to hear from you about your experience while you were here. Will you take two minutes to complete a brief survey that will help us improve our website? 61 id. to 354. As Mr Broches said, Article 102 of the United Nations Charter provides for the registration of “all international treaty and agreement” at 353 of the Charter of the United Nations. World Bank loan contracts and guarantee agreements with members are registered with the United Nations in accordance with this provision.

Comments are closed.