Extractive Industries Transparency Initiative, Phase III

Since 2002 the Extractive Industries Transparency Initiative (EITI) promotes openness and accountable management of natural resources by setting a global transparency standard. As a tool that informs the way the extractive sector is governed the EITI strengthens government and company systems, informs public debate, and enhances trust among stakeholders in extracting countries. The EITI Standard requires information along the extractive industry value chain from the point of extraction over how the revenue makes its way through the government to how it benefits the public.

The objective of the EITI is to increase transparency and strengthen accountability of governments of resource-rich developing countries. This should positively impact on the "resource curse" and result in a reduction of corruption and an increase in economic growth.

More transparency of revenues from the extractive sector.

Increased accountability of expenditures.

Expected results:  

EITI International Secretariat:

Oversight of validation

Technical advice to implementing countries

Prepare all necessary documentation for the Board to provide guidance to the initiative

Outreach and Communication

Reporting

Results from previous phases:  

Switzerland supports the EITI International Secretariat since 2009 in conjunction with a World Bank administered multi-donor trust fund (Extractive Global Programmatic Support Multi Donor Trust Fund). Today, the EITI is established as the global standard for revenue transparency in the extractive sector. 52 countries currently implement the 2016 EITI Standard and membership continues to grow. In these countries more than 300 people work in the 52 national secretariats, promoting and implementing the EITI Standard on a daily basis. They contribute to the publishing of more than 200 EITI reports covering more than 341 fiscal years and disclosing more than USD 2.3 Trillion in revenues. More than 90 companies officially support the EITI. They are joined by more than 90 institutional investors, which manage funds amounting to over USD 19 Trillion. And not least, more than 400 non-governmental organizations (NGO) are involved with the EITI, both on a local and international level.

Phase 3 30.11.2017 - 31.12.2020   (Active)