TI welcomes the World Bank’s new strategy for increased transparency in the extractive industries

Transparency International (TI) welcomes the World Bank’s launch of the EITI++, an expansion of the Extractive Industries Transparency Initiative (EITI) into a broader scheme to ensure that natural resources produce long-term development benefits for resource-rich yet poor nations.

“Extractive resources need to provide real benefits for the peoples of the countries where these minerals are located,” said Huguette Labelle, Chair of the Board of Directors of Transparency International on welcoming the EITI++ initiative announced here by World Bank President Robert B. Zoellick.

The TI Chair was one of the panelists invited to participate with Zoellick in announcing the “EITI++” project designed to develop national capabilities to handle the current boom in commodity prices, and channel the growing revenue streams into fighting poverty. The project is inspired by the Extractive Industries Transparency Initiative (EITI), of which Transparency International is a co-founder. TI is the global anti-corruption organisation with national chapters in more than 90 countries.

Huguette Labelle stated that, “The EITI++,” with its launch in Africa, “can play a major role in the fight against corruption.” Its implementation will help to set minimum standards for extracting resources and all activities related to managing such wealth.

The TI Chair stressed at a meeting convened by the World Bank that, “We welcome this initiative because it relates directly to transparency across the value chain of actions in the oil and mining sectors where we have seen in the past extensive corruption, violence, death, destruction and destabilization. The “EITI++” spearheaded by the World Bank can offer the opportunity that the vast mineral wealth of Africa benefits the people of Africa – starting with open and fair contracts between governments and companies, through to the equitable disbursement of revenues to support sustainable anti-poverty goals.”

Labelle encouraged the World Bank, the African Development Bank and other donors engaged in this new project to “Ensure the involvement of civil society in each stage of the extractive resources development programs that are set now to move ahead, and ensure full transparency and accountability at every stage.”

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Transparency International is the civil society organisation leading the fight against corruption.

Note to Editors:

On 28 April 2008, Transparency International will publish its 2008 Report on Revenue Transparency of Oil and Gas Companies which evaluates 42 leading oil and gas companies operating in 21 countries.

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