26 February 2008
Read the preliminary assessment of the implementation of project level revenue transparency commitments for the extractive industry projects financed by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The Bank Information Center’s Europe and Central Asia Program conducted a preliminary assessment of the implementation of project level revenue transparency commitments for the extractive industry projects financed by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). For the IFC, projects that were approved after the April 2006 adoption of the Sustainability Policy were reviewed; for the EBRD, projects approved after the 11 July 2006 adoption of the Energy Policy were reviewed.
After visiting the companies’ websites in search for information on revenue payments to host county governments, BIC wrote emails to the contacts specified in the respective Summaries of Proposed Investments and Project Summary Documents, respectively. From research on the websites, only one company, Cadogan Petroleum (EBRD investment) had very accessible and transparent statistics on its payments to governments. Further, only one company replied to our written inquiries. After our communications with the IFC concerning the project, Aricom (IFC investment) notified BIC that as the project will commence production only in December 2007, the Company will disclose its revenue payments in the 2007 Annual Report. Thus, BIC was not able to obtain evidence of revenue transparency for any of investments about which it inquired by email.
View the full document at:
Analysis of Implementation of Revenue Transparency Commitments of IFC and EBRD loans by Sonia Zilberman, Bank Information Center (Acrobat pdf, 59 KB)