EBRD

This is a letter from the NGO coaliton “Oil Revenues – Under Public Oversight” in Kazakhstan to the EBRD President regarding its support for the extractive industries in the country and its endorsement of the EITI.

UK NGO letter to the Commission for Africa on revenue transparency

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Coalition “Oil Revenues – Under Public Oversight!” comprised of about 50 non-governmental organizations from all regions of Kazakhstan would like to thank organizers for the opportunity to participate in the Annual Meeting of the European Bank of Reconstruction and Development in Belgrade on 22-23 May 2005.

The natural resource sector is one of the most important sources of income for transition countries. Transparency and accountability over the revenues paid by companies and received by governments is necessary to ensure that investment drives economic development and poverty reduction.

Presentation at the European Parliament Seminar on EU-US Future Co-ordinated Strategies Towards Central Asia

I lead a project at the Soros Foundation – Kazakhstan called Kazakhstan Revenue Watch. The aim of the project is to encourage transparency and accountability in the management of government revenues from the development of oil, gas and minerals.

The current revision of the Equator Principles, a set of voluntary commitments by some of the world’s largest banks to condition their financing of projects on the adherence to environmental and social standards, provides an important opportunity for banks to take concerted action to improve accountability in extractive industry investments. Following the lead of the IFC and EBRD, banks should match emerging standards of best corporate practice by requiring revenue and contract transparency from all clients in the oil, gas and mining sectors.

What is PWYP’s ask?

Publish What You Pay (PWYP) calls for international financial institutions (IFIs) to require public disclosure of revenues and contracts for all extractive industry investment projects, development policy lending, and technical assistance programmes. In addition, PWYP requests IFIs to ensure the development, implementation and monitoring of the transparency program includes meaningful civil society participation.

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The World Bank this week announced new transparency standards for the oil, gas and mineral sector as part of its formal response to the Extractive Industries Review (EIR)1.