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(08/11/10) Making resources work for people.
The European Commission is hosting the Extractive Industries Transparency Initiative (EITI) Week from 8th to 10th November 2010 in Brussels. The EITI aims to improve the transparency in
countries' natural resource management sector by fostering governance and accountability.
The last year has seen unprecedented activity in EITI implementing countries as 23 of the 32 implementing countries have had validation deadlines. Twenty-three implementing countries have now produced EITI reports – more than half of them have produced these reports for the first time this year. Therefore, the 3rd National Coordinators' meeting in November will be a timely opportunity to discuss:
- Lessons from the validation and the EITI reporting processes
- EITI impacts and communications
- EITI policy and rules refinement
- Organisation of the Implementing Countries constituency including choosing representatives for the 2011-2013 EITI International Board
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Alongside the meeting, the European Commission and the EITI International Secretariat are organising an EU seminar on Tuesday, 9 November. It will be attended by the EITI National Coordinators and relevant Commission officials, notably Geographical Desks, in order to facilitate a closer EU-EITI cooperation on a country level.
The EITI Brussels Week conference is co-financed by the European Commission together with the EITI International Secretariat and the World Bank's EITI Multi-Donor-Trust-Fund. The event is following-up on commitments made in the 2010 Tax & Development communication and in the 2008 EU's Raw Materials Initiative and is financed under the 780.000 € Budget Line "Good governance in the tax area", which has been received from the European Parliament in 2010.
Why is the EU supporting the EITI?
The EITI is an international standard for improving transparency in countries' natural resource sector and has been instrumental in supporting improved governance and accountability through the verification and full publication of company payments and government revenues from oil, gas and mining. The EITI implementation involves a range of activities to strengthen resource revenue transparency. These activities are documented in country workplans.
The EITI is also part of the EU-Africa Governance Partnership and supported by 10 EU Member States, the Commission and the European Investment Bank (EIB).
The initiative contributes to improved management of natural resources in resource-rich partner countries, which still have a huge potential for development. It is considered to be an important instrument for development cooperation as it promotes transparency, domestic accountability and better governance in the extractive sector of our partner countries. Better resource governance can bring about increased public revenues and a sound, predictable investment climate. Both will contribute towards growth, development and achieving the Millennium Development Goals in a sustainable manner.
