The Republic of Congo has made meaningful progress in implementing the EITI Standard, with significant improvements in transparency of state-owned enterprises, oil sales and license information. Validation, the EITI’s quality assurance process, found that the Republic of Congo’s performance in implementing EITI Requirements has improved markedly since the country’s first Validation in 2018.
EITI supporting companies are breaking new ground with public country-by-country reporting
Oil, gas and mining companies currently disclose detailed information about payments to governments in 54 EITI implementing countries. Extractives companies based in the EU, Canada and Norway are also required to disclose information on government payments from their global operations.
For countries with limited access to credit or capital markets, resource-backed loans are a way of raising funds for infrastructure and development projects. These loans are negotiated by governments or government-owned companies against future production of a country’s natural resources.
The sustainability of such agreements is hotly debated. The latest EITI “Transparency Matters” webinar explored the opportunities and challenges that resource-backed loans pose for resource-rich countries.
Nigeria’s national oil company, the Nigerian National Petroleum Corporation (NNPC), has become an EITI supporting company, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the EITI’s supporting company expectations
The EITI Board has approved Uganda’s application to join the EITI, making it the EITI’s 54th member country and the 26th in Africa.
EITI Board Chair, Rt Hon. Helen Clark, welcomed Uganda to the EITI community: “EITI implementation can help lay the foundation for transparent and accountable management of the country’s natural resource wealth. We welcome Uganda as an implementing country and look forward to the EITI promoting inclusive public debate.”
In resource-rich developing countries, sharp decreases in extractives revenues are coinciding with intense and urgent healthcare spending priorities. Earlier this week an expert panel, moderated by EITI Chair Rt. Hon Helen Clark, discussed the implications of the Covid-19 pandemic, and how transparency can help countries navigate its challenges.
Recognising the profound challenges associated with the Covid-19 pandemic, the EITI Board has agreed measures to provide flexibility in EITI implementation and reporting. The flexible reporting requirements are outlined on the EITI’s new Covid-19 Resource Centre, which gathers information, related reports and webinars to support implementing countries responding to the triple crisis
The EITI today launched its flagship EITI Progress Report 2020 ahead of its first virtual Board meeting taking place on 16 and 17 of June. The report presents stories of transparency advances across the extractives sector value chain, from the disclosure of extractives agreements to the monitoring of revenue transfers to local communities.
In light of the escalating Covid-19 pandemic, I would like to express my support for all EITI implementing countries affected by the current circumstances on behalf of the EITI Board.
We recognise that countries around the world are facing a deeply challenging and unpredictable situation caused by the spread of the virus. At the same time,
Myanmar’s new beneficial ownership register lays the groundwork for combatting company anonymity by shedding light on the real owners of companies in the extractives sector.
Last month, the Government of Myanmar and Myanmar EITI co-launched a new beneficial ownership register, revealing more information about the owners of companies operating in the country’s extractive sector.