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EITI

36th Board Meeting of the EITI in Bogota: Four countries suspended, Armenia as the newest candidate country

EITI Board Meeting

14.03.2017 |

The international community further enforces high transparency standards for the extractive industry. The 36th Board Meeting of the Extractive Industries Transparency Initiative (EITI) took place from March 8 to 9 in Bogota – Colombia.

EITI is a global initiative for improves fiscal transparency and accountability with regard to the registration and publication of extractive resource revenues. The EITI is being implemented as a voluntary self-commitment by the governments of countries producing raw materials along with actors of civil society as well as private companies and investors (in a multi-stakeholder-process). Currently, 51 states are implementing the EITI.

In their first session, the EITI board decided on project-level reporting. Project-level reporting gives communities that are directly affected by the extraction of raw material the possibility to retrace which payments have been made by companies with regard to a specific project and how this contributes to socio-economic development. This strengthens transparency and enables the population to hold the companies concerned as well as the government accountable.

In Bogota the EITI officially approved Armenia is a candidate country. Four countries - Azerbaijan, the Salomon Islands, Kirgizstan and Tadzhikistan - were suspended by the EITI board for not complying with certain aspects of the EITI standard. They can be readmitted at any time, provided appropriate reworking. Further information can be obtained in the EITI Progress Report. The issue of EITI impact gets special attention in the report. Special attention is drawn to the impacts of EITI.

Next to the board meeting, the Columbian government hosted a workshop on Beneficial Ownership that was organized with support of the GIZ-project “Regional cooperation for the sustainable management of mining”. The project supports Colombia in the implementation of the EITI requirement on beneficial ownership disclosure in the mining industry.

With a sponsorship volume of approximately EUR 26 million since the foundation of EITI, the BMZ ranks among the leading supporters of EITI worldwide and represents the German government in the EITI board. The Extractives and Development sector program advises the BMZ concerning its technical positioning in the EITI committees and accompanied BMZ representative Sören Dengg to Bogotá.

For further information about the German engagement in EITI click here or get in touch with Anna Kravtsenko.

Current news from the international EITI secretariat you can find here.

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