[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 
<a href="/cdn-cgi/l/email-protection#b0c0d9dcd4d2f0d8d9c39ed3dfdd"><span class="__cf_email__" data-cfemail="66160f0a0204260e0f154805090b">[email protected]</span></a>, 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


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