International lenders want guarantees and more clarity on arbitration for FiT phase two: International funding institutions, including International Finance Corporation and the European Bank for Reconstruction and Development, want financial guarantees from the Finance Ministry for phase two of the feed-in tariff (FiT) program and a draft for the arbitration clause in the agreements before deciding on participating, unnamed sources told Al Mal. The ministry’s reply is that text will be ready for review “within the next few days.” Frankly, we have to go with the funders on this one: convoluted arbitration conditions for phase two (which are baffling even for lawyers) place arbitration under Egyptian law, while allowing procedural nullity to take place outside the country. EBRD Director for Egypt Philip ter Woort had stated on Monday that the any decision by the EBRD to fund phase two projects would also be predicated on number of participating companies and their financial needs.