IFC

This letter, signed by PWYP groups representing nine countries, was sent to the Director of the Environment and Social Development Deptartment at the International Finance Corporation (IFC) commenting on the disclosure and safeguard policy review process with regards to revenue and contract transparency.

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The controversial Chad-Cameroon Oil Development and Pipeline Project was widely seen as a test case for how a country could overcome the “resource curse” by consciously using oil production revenues to reduce poverty. The $4.2 billion project, with its 665-mile pipeline was led by Exxon-Mobile with financing from the World Bank and the International Finance Corporation.

This letter, signed by PWYP groups representing nine countries, was sent to the Director of the Environment and Social Development Deptartment at the International Finance Corporation (IFC) commenting on the disclosure and safeguard policy review process with regards to revenue and contract transparency.

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.

Summary of the Workshop on Petroleum Revenue Management, World Bank,Washington D.C.

For many oil-producing developing countries and countries in transition, petroleum revenues make up a substantial share of gross domestic product, national and state budgets, and foreign exchange earnings. The potential to do good is tremendous. In Malaysia, for instance, resource revenue management has been associated with progress on the development front.