In its 2016 fiscal year, the World Bank Group committed to financing and supporting more than $64 billion in projects in virtually every developing country and in almost every sector.1 As a trustee of its member countries` funds, the World Bank has a duty to, under its articles of association, to ensure that these funds are used for their intended purpose. paying due attention to effectiveness and efficiency.2 The World Bank`s fraud and corruption detection and deterrence systems are based on this fiduciary duty and aim both to protect the integrity of World Bank-funded projects and to prevent future misconduct. By including the anti-corruption guidelines in the legal agreement and through related provisions in the Government Procurement Regulation and related tender documents, the World Bank seeks to show all parties concerned the consequences of sanctioned misconduct in Bank-financed projects. The exclusion does not give Flycom and its subsidiaries the right to participate in projects financed by the World Bank. It is part of a negotiated resolution agreement (“Settlement Agreement”) in which the Company acknowledges responsibility for the underlying sanctionable practices and agrees to comply with certain of the Company`s compliance conditions as a condition of exemption from exclusion. In 2010, the World Bank concluded an agreement with four other major MDBs, the African Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank and the Inter-American Development Bank, on the mutual execution of exclusion decisions.18 Under this agreement, a company or individual is excluded from one of these MDBs for more than one year. it is excluded from the others, subject to certain limited exceptions.19 This Agreement significantly increases the effect of decisions to exclude these MDBs. Flycom`s exclusion may be mutually excluded by other multilateral development banks (MDBs) under the Agreement on the Mutual Application of Exclusion Decisions signed on 9 April 2010. (a) all projects that may be subject to revisions to the Guidelines on Government Procurement and the Guidelines for Consultants dated May 2010 or later; and (b) for all projects subject to previous expenditures of the Guidelines on Government Procurement and the Guidelines for Consultants for which the legal provisions have been amended to give effect to the regime of suspension of reciprocity, with the exception of projects in the following countries for which such amendments have not taken effect: 1. Federative Republic of Brazil (excluding States and other funding recipients in Brazil) 2. Bulgaria 3. State of Eritrea 4.
Republic of Kazakhstan (excluding States and other recipients of funding in Brazil) 3. State of Eritrea 4. Republic of Kazakhstan (excluding the Federative Republic of Brazil) 2. Bulgaria 3. State of Eritrea 4. Republic of Kazakhstan (excluding Kazakhstan Electricity Grid Operating Company – KEGOC) 5th Republic of Kenya 6th. . .