Contacts: Ulaanbaatar: Saha Meyanathan (976-11) 312-647
E-mail: smeyanathan@worldbank.org
ULAANBAATAR, December 2, 2005 – The World Bank today welcomed the Government of Mongolia’s announcement that it would implement the Extractive Industries Transparency Initiative (EITI), a global initiative which seeks to promote greater transparency and accountability in mineral and oil rich countries. “This is our commitment to join EITI. By joining EITI many existing concerns by stakeholders over mining sector would be addressed” said the Prime Minister of Mongolia, Tsakhiagiin Elbegdorj. The announcement came at a jointly hosted conference on the transparency initiative held here today. “The mining sector, if managed well, could contribute increasing revenues for economic development and poverty reduction,” said the World Bank’s Country Manager in Ulaanbaatar, Saha Dhevan Meyanathan. “In order to maximize the potential for that growth, however, it is vital that the sector is managed in a transparent manner, and that there is clear accountability of the government and companies for those revenues. The Government’s decision to begin implementation of the Extractive Industries Transparency Initiative is clear evidence of the commitment of the government to promoting that necessary transparency.” EITI is strongly supported by the Government of the United Kingdom, the World Bank, and the International Monetary Fund; numerous mining and oil companies; investors; and civil society groups. More than 20 countries are implementing the provisions of the initiative which aims to clearly state what extractive industry companies are paying to governments, and what governments are receiving from those companies. In achieving greater transparency of payments and revenues, it his hoped that there will be greater public debate over how those revenues are used. More than a hundred representatives from government, international and local companies, parliament, civil society groups, and the international community attended the conference held in State House today. They heard presentations from all of these groups on how EITI should be implemented in Mongolia, as well as presentations from the World Bank and the UK Government on how the initiative has been implemented in other countries. Notes for editors The Extractive Industries Transparency Initiative was launched by the UK Government in 2002, and is now being implemented in more than 20 oil and mineral-rich countries across the world. The principals and criteria of the initiative now form the standard for creating transparency and accountability in the extractives sector. More information on the initiative can be found at: www.eitransparency.org |
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