Zoellick commits to expanding Extractive Industries Transparency Initiative
4 February 2008
Addressing the African Union Summit on Thursday, January 31, 2008, World Bank President Zoellick committed to expanding the Extractive Industries Transparency Initiative (EITI).
World Bank President, Robert Zoellick indicated that the World Bank's role in promoting Extractive Industries Transparency Initiative (EITI) could range from assisting governments in negotiating contracts to providing expertise in public expenditure management reform.
Zoellick stated that higher commodity prices have created opportunities to expand global efforts to encourage more transparency in oil and mining sectors in developing countries. He also noted that the development of natural resources should be done in an environmentally friendly manner that benefits the local communities. The World Bank will host discussions on plans to expand the Extractive Industries Transparency Initiative in February.