The global Extractive Industries Transparency Initiative (EITI), established in 2003, promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining.
The EITI is both part of the World Bank's response to its own Extractive Industries Review, and also one of the many tools identified in the Bank's recent Governance and Anti-Corruption Strategy. In this context, the Bank also works with governments on EITI issues as part of broader Bank-supported programs on extractive industries reform, natural resource management, and good governance/anti-corruption. In addition to supporting governments involved in EITI, the Bank has also provided financial support from its own funds to a number of civil society groups involved in EITI implementation.
To support the Bank's work with the EITI, a multi-donor trust fund (MDTF) was created. Through the MDTF, the World Bank Group has supported the global Initiative by administering the funds to provide technical and financial assistance to countries implementing or considering implementing the EITI. The support has further included: making EITI advisers and consultants available to governments to assist them in implementation; sharing international best practices; and providing grants to governments to help support EITI implementation.
As a separate fiduciary instrument between donors and the World Bank, the MDTF is not a part of the EITI Board or Secretariat as such but coordinates its work to support the goals of the EITI and further mutual goals, and a Memorandum of Understanding is in process between the World Bank and the EITI Secretariat and Board to guide the relationship.
The EITI multi-donor trust fund provides countries with grant resources to implement the EITI principles of revenue transparency. As a voluntary association of stakeholders with shared goals, the global EITI structure comprises resource-rich developing countries, donors, international and national resource companies, and civil society. The Bank and other Multilateral Development Banks have committed to supporting the EITI as a global initiative in the context of their strategies for governance and extractive industry sector reforms.
The MDTF is a major—but not exclusive—source of technical assistance funding for EITI-implementing countries. Many bilateral donors also provide funds and support to implementing countries, and international civil society groups such as the Revenue Watch Institute also provide extensive funding and technical assistance to civil society groups involved in EITI implementation.