What is Extractive Industries Transparency Initiative?
The Extractive Industries Transparency Initiative was launched in 2003 and today represents a global movement towards greater financial transparency and accountability in the natural resource sector.
EITI is supported worldwide by a growing network of governments, companies and non-governmental organisations. The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public.
- It promotes, strengthens & deepens the ideals of transparency & accountability.
- It provides a framework for collaboration ( government, civil society & companies)
- It enhances more efficient ways of revenue collection.
- It encourages investors in the extractive sectors
Emerging results in EITI Countries
Mining companies disclose the payments they make to the government, which in turn reports what it has received in terms of revenues from the extractive industries. These financial flows are then verified with one another, with the whole process monitored by an independent administrator.
Transparency & Accountability
