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EBRD to Work with Extractive Industries Transparency Initiative to Combat Corruption
The EBRD has accepted an invitation to be associated with the Extractive
Industries Transparency Initiative (EITI), a global effort to promote
transparency and fight corruption in the oil, gas and mining industries. The
EBRD will work together with the EITI on practical ways to promote its
principles which are closely aligned with the Bank’s own policies and
practices.
The EBRD and the EITI share the core values of transparency and sound business
practice in the natural resources sector. EBRD First Vice President Noreen
Doyle said that the EBRD is experienced in encouraging principles that fight
corruption and promote equitable development through its own investments. The
Bank will encourage its investment partners and clients to adopt EITI
principles.
The EBRD was created to promote the transition of former command economies to
market economies and democracies. This transition depends on openness and
accountability. Natural resources can be a key to successful development in
many poor countries, if managed well.
The EITI was launched in 2002 with UK sponsorship as part of global commitment
to sustainable development. In the natural resources sector, it promotes the
principle of ‘publish what you pay, publish what you receive’ to ensure that
payment of any money to governments by corporate interests involved in
resource extraction is publicly disclosed by both parties.
The EBRD has attended EITI working sessions and recently accepted the
invitation of the EITI for a more formal association, as outlined in the
attached statement.
Press contact:
Kate Dunn, London - Tel: +44 20 7338 6930;
E-mail: dunnk@ebrd.com
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