U.S. Funds Project on Transparency and Good Governance in the Extractive Industries
To promote transparency and good governance in the extractive industries, the United States Agency for International Development announced a $500 million USD Extractive Industries Transparency Project.
The aim of the project is to build capacity for administration and governance of Guyana’s extractive resources and address gaps identified in Guyana’s first published report (visit https://gyeiti.org/ to download). Programme support will also address required changes in data collection, monitoring and reporting systems that support Guyana’s attainment of the EITI standard. Activities will include streamlining systematic public disclosure of data from the oil, gas, mining, forestry and fishery sectors; and raising awareness among citizens about the importance of transparency and accountability in the extractives sector.
The discovery of vast offshore oil reserves in 2017 constituted a milestone for the Guyana’s economic prospects and is expected to rapidly propel Guyana’s economy upward. During this transition period, transparency, accountability and good governance will determine Guyana’s ability to responsibly manage its extractive resources and ensure revenues benefit the Guyanese people, and this programme supports attainment of these standards.
Key programme partners include the Guyana Extractive Industry Transparency Initiative (EITI) secretariat, the Multi-Stakeholder Group and other stakeholders from government, industry and civil society. The Pan American Development Foundation (PADF) is implementing this programme, which concludes in September 2020.