4 October 2012
Kinshasa, Democratic Republic of Congo
Canada is committed to helping developing countries establish the policies and institutions necessary to maximize economic benefits for their citizens.
On October 14, 2012, Prime Minister Harper announced $20 million over four years in new support for the Extractive Industries Transparency Initiative (EITI) and Extractive Industries Technical Advisory Facility (EITAF). The support, which was announced on the margins of the 14th Summit of La Francophonie in Kinshasa, Democratic Republic of Congo, will help developing countries manage their natural resource industries in a responsible and transparent manner. The announcement supports the theme of this year’s Francophonie Summit – Environmental and Economic issues in Global Governance.
Canada’s contribution is being provided through the Canadian International Development Agency (CIDA).
Canada is contributing $10 million (2012-2016) to the World Bank in support of the Extractive Industries Transparency Initiative (EITI). This initiative was launched in 2001 by governments, civil society groups, investors, and international organizations committed to improving governance in resource-rich countries.
Efforts are focused on the public reconciliation of payments by mining and resource extraction companies with revenue received by governments.
The World Bank manages the EITI Multi-donor Trust Fund, which was established in March 2008 and provides technical and financial assistance to countries that are implementing EITI. Other donors to this fund include Australia, the United States, the United Kingdom, Spain, Germany, Norway, France, the Netherlands, Switzerland, the European Union, Belgium, Finland, Denmark, and Japan.
Today’s announcement brings Canada’s support to the World Bank for the overall implementation of EITI to $12.65 million.
Canada is contributing $10 million (2012-2016) to the International Extractive Industries Technical Advisory Facility (EITAF) to assist developing countries gain negotiation skills and expertise in implementing policy and regulatory frameworks to manage mining, oil and natural gas industries responsibly and transparently.
These efforts help ensure that mining, oil and gas projects benefit local communities. The EITAF also produces and shares information to improve transparency. Transparency and consistent regulatory oversight benefit host governments and their citizens, but also provide certainty for companies undertaking mining operations.
The EITAF was established at the World Bank in July 2009. Other donors include the United States, Norway, Switzerland, the International Financial Corporation, as well as the World Bank’s Development Grant Facility.
These initiatives support the Government of Canada’s Corporate Social Responsibility Strategy and are in keeping with a recommendation put forward at the 12th Francophonie Summit in Quebec City in 2008 that the EITI become an international standard for transparency.
For more information on Canada’s efforts to assist developing countries manage their natural resources responsibly and transparently, visit CIDA’s website at http://www.acdi-cida.gc.ca/acdi-cida/ACDI-CIDA.nsf/eng/FRA-92616723-RLN.
14 October 2012