ADB backs Extractive Industries Transparency Initiative

3 March 2008

Following similar announcements by other multilateral development banks, the Asian Development Bank (ADB) last week endorsed the Extractive Industries Transparency Initiative (EITI).

The Asian Development Bank (ADB) last week announced its endorsement of the Extractive Industries Transparency Initiative (EITI). The EITI encourages governments to disclose their revenues, as well as companies to publicize their payments from oil, gas, and mining in order to promote transparency and fight corruption.

The ADB's move follows similar endorsements by the World Bank, International Monetary Fund, African Development Bank, Organization for Economic Co-operation and the European Bank for Reconstruction and Development.

Resources

ADB backs transparency in extractive industries, by Purple Romero, March 2, 2008. (ABS-CBN News online website)

ADB Backs Initiative to Get Countries to Disclose Resource Revenues, Asian Development Bank Press Release, February 29, 2008. (ADB website)

Analysis of implementation of revenue transparency commitments of IFC and EBRD loans, by Sonia Zilberman, Bank Information Center (BIC website)

Zoellick commits to expanding Extractive Industries Transparency Initiative, Bank Information Center (BIC website)