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The Asian Development Bank (ADB) and the Singapore International Mediation Center (ISCM) today signed a Memorandum of Understanding to help public and private parties resolve disputes that may arise. in public-private partnership projects. under the AfDB Infrastructure Arbitration Program (IRP). The IRP is part of the Asia Pacific Project Preparation Facility, a multi-donor trust fund administered by the ADB, which aims to increase the level of infrastructure development and improve the quality of infrastructure in Asia and Africa. The pacific.
work together to promote mediation and other dispute resolution mechanisms PPP infrastructure to ADB member countries.
The Memorandum of Understanding was signed today by the Head of the Public-Private Partnership Office Mr. Yoji Morishita and CEO of SIMC Mr. Aloysius Goh.
This collaboration marks the beginning of a strategic relationship between the ISCM and the AfDB to advance the development of sustainable PPPs in the Asia-Pacific region. As part of the Memorandum of Understanding, IACS will work with AfDB to create a group of international mediators and experts with experience and expertise in dispute resolution. PPP infrastructure. Through the IORP, panelists will provide independent and third-party opinion to resolve disagreements that may arise during a PPP project
Minister in the Office of the Prime Minister and Second Minister of Finance and from Education, Mrs. Indranee Rajah SC, "As a leading financial center, Singapore has been a center of structuring and financing of many infrastructure projects in the region.We are also the headquarters of Strong professional service providers, including accounting, engineering and project management firms, as well as law firms, with expertise in project finance and dispute resolution. Singapore's role in facilitating infrastructure projects and promoting collaboration between private and public entities. "
Signing the Memorandum of Understanding on behalf of At AfDB, Morishita said: "Many infrastructure PPP projects have failed in recent times. poor quality preparation and structuring by public sector organizations. This added an additional layer of complexity to the negotiation and operation of the projects and the resulting dispute.
"We look forward to ISCM support to reduce the time and cost of resolving disputes between public and private sector parties. successful delivery of bankable PPP projects through the IRP. This will greatly contribute to mobilizing quality support for our developing member countries at the critical stage of project development and helping them to meet their infrastructure needs. "
Mr. Goh stated:" The Memorandum of Understanding marks a strong endorsement of the quality of Singapore's international dispute resolution services. Infrastructure projects are complex and occasional disagreements are sometimes unavoidable. However, many of them can be avoided and their impact mitigated if the expertise and the dispute resolution process are available to the parties. "
SIMC Board Member and Former CEO of Changi Airport International Mr. Chow Kok Fong, Leader" This partnership with ADB opens up a new regional dispute resolution option for Singapore-based construction professionals. in the region, the ISCI has actively increased its capacity to resolve complex cross-border disputes to support the growth of infrastructure investments in Asia, a settlement rate of more than 80% was reached in 2017 and we plan to work with ADB to share our experience and expertise. "
Ms. Koh Swee Yen, partner of Wong's law firm in Singapore, said: Singapore's ability as a hub for resolving complex cross-border litigation. It is interesting to note that the use of mediation for litigation related to high value infrastructure in Asia has not reached the n expected traction level. I firmly believe that Singapore, with its strong track record in resolving international trade disputes, can foster this use of mediation for these disputes in the region.
The international law firm Clyde & Co, Mr. Eugene Tan, said: "I am encouraged by this collaboration between ADB and SIMC.This Memorandum of Understanding shows that Singapore's reputation in as a neutral and transparent venue has served us well and we play an important role in facilitating the development needs of the region.The creation of this group of experts will help the parties to identify the best professionals to resolve disputes that could arise during infrastructure projects. "
The collaboration comes as Asia and the Pacific should be one of the fastest growing regions in the world, highlighting the need for a strong and resilient dispute settlement framework for long-term sustainable economic growth.
AfDB estimates that infrastructure needs in developing countries of Africa ie and Pacific will exceed $ 1.7 trillion until 2030. is far from the need for investment. PPPs can play an important role in responding to this massive demand. However, we know that the flow of private investment in infrastructure is hampered by the absence of reliable and investor-friendly regulatory and legal conditions.
This collaboration should foster greater private sector participation in improving efficiency and assets. and the quality of service in the infrastructure projects of the region.
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