USAID Contributes $6 Million to Trust Fund Facility of the Extractive Industries Transparency Initiative

For Immediate Release

Thursday, September 24, 2009
USAID Press Office

WASHINGTON, D.C. - This week (Sept. 21), the U.S. Agency for International Development contributed $6 million to the Extractive Industries Transparency Initiative (EITI) trust fund facility, administered by the World Bank. The U.S. Government is now the second largest donor to the trust fund, behind the United Kingdom. Other major donors include Spain, Netherlands, Switzerland, Germany, France and Norway.

The EITI trust fund facility helps countries with technical and capacity building assistance to implement principles of resource revenue transparency. The initiative calls for public disclosure and verification of oil, gas, and mining company payments to host governments and disclosure of the host government's revenue from industry. It brings together willing governments, businesses, and civil society groups to improve governance so that citizens can reap the benefits of extractive industry revenues. Thirty countries are currently implementing this initiative.

The United States first endorsed the initiative in 2004, one year after it was launched in London. The EITI is a key component of the administration's strategy to improve governance and promote effective development in resource-rich developing countries. Participation in the initiative underscores USAID's commitment to increasing transparency and public sector accountability around the world in order to strengthen good governance, enhance stability, and improve conditions for sustainable economic growth.

With this contribution, the United States now has representation on the Management Committee that oversees the trust fund facility. The Department of State represents the U.S. Government on the EITI Board, and USAID manages the funding mechanism and helps shape the technical agenda governing how funds are expended. .

USAID acting Administrator Alonzo Fulgham said, "USAID's commitment to accountable governance is enhanced by our contribution to the EITI trust fund. As a member of the Management Committee, we have an excellent opportunity to further coordinate with donor partners and leverage the efforts of resource-rich countries to increase transparency in the management of revenues from extractive industries."

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Last updated: March 01, 2012

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