[Federal Register Volume 63, Number 94 (Friday, May 15, 1998)]
[Notices]
[Pages 27112-27113]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12938]
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DEPARTMENT OF STATE
[Public Notice No. 2817]
Secretary of State's Advisory Committee on Private International
Law (ACPIL) International Project Finance: Request for Public Comments
The United Nations Commission on International Trade Law (UNCITRAL)
is in the process of preparing a ``Legislative Guide'' for countries to
use as a basis for legislation or otherwise, so as to provide enabling
authority for infrastructure projects to be privately financed in whole
or in part, and to allow private sector development and operation,
often for a fixed period of years. Legislation in this field often
[[Page 27113]]
seeks to accommodate foreign as well as domestic interests, providing a
balance of interests compatible with foreign source capital and
management as well as national needs for infrastructure and services
delivery. UNCITRAL will consider, at its upcoming Plenary session in
June at the United Nations in New York, a draft of six of the
approximately twelve chapters currently planned for the Legislative
Guide.
The proposed Legislative Guide will include evolving methods by
which private and public financing and private sector development and
management are employed for long-term infrastructure projects,
including build-and-operate (BOT and BOO) and other models. Legislative
options to facilitate project design, development and operation, as
well as project country regulation and off-shore payment facilities
will be considered for inclusion in the Guide.
The Guide will seek to take into account current developments in
legal issues involved in overseas project finance, including those at
the world Bank, the Inter-American Development Bank, and other
international financial institutions, as well as domestic systems. New
methods of obtaining longer-term assurances not dependent on recourse
to governmental agencies will be considered, including, for example,
long-term receivables financing and special purpose corporations. These
mechanisms will need to be balanced with appropriate methods for
project countries to ensure delivery of services, utilities,
construction, etc. It is tentatively proposed that the Guide be
organized into sections on general legislative provisions; sector
structure and regulation; concessionaire selection; project agreement
terms and conclusion; government support; construction phase;
operational phase; delays, defects and failures to perform; duration,
extension or early termination; governing laws; and settlement of
disputes. Additional sections may be added or the present structure
modified after review. Initial drafts of the first six chapters are now
available for comment.
Comments on these drafts are solicited from any member of the
public or any association or other entity that would like the
opportunity to do so. Copies of the UNCITRAL draft documents will be
provided without charge upon request to the office indicated below.
While preliminary comments are welcome prior to June 1, a summary of
recommendations made by various participating countries at the Plenary
session will be available from the office indicated below after June
20, 1998 upon request, and comments made after that date should take
those recommendations into account.
Please contact the Office of the Assistant Legal Adviser for
Private International Law (L/PIL) for copies of the relevant UNCITRAL
documents at 2430 ``E'' Street, N.W., Suite 357 South Building,
Washington, D.C. 20037-2800, or by fax to (202) 776-8482, or e-mail at
pildb@his.com, attention Jeffrey D. Kovar. Documents can be provided by
e-mail if requested. For additional information please call (202) 776-
8420. Any member of the public who wishes to receive notice of any
meetings of the Advisory Committee on this topic should so indicate;
meetings of the Advisory Committee are open to the public.
Harold S. Burman,
Executive Director, Secretary of State's Advisory Committee on Private
International Law.
[FR Doc. 98-12938 Filed 5-14-98; 8:45 am]
BILLING CODE 4710-08-M
