Five large international lenders have agreed to honor each other’s debarments of companies and individuals found to have engaged in fraudulent or corrupt practices on bank-funded construction projects. The cross-debarment pact— signed on April 9 by the World Bank, Asian Development Bank, Inter-American Development Bank, European Bank for Reconstruction and Development, and the African Devlopment Bank—is set to take effect by “midyear,” says a statement by the banks, with key operational details still to be worked out. One bank official says the pact won’t apply retroactively to the banks’ current debarment rosters, but industry executives still point to uncertainties on
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.