Guyana accepted in the Extractive Industries Transparency Initiative, EITI
Having met the requirements to become a member of EITI, Guyana has been admitted last October 25 as the latest country to join this voluntary initiative, that will include oil and mining companies. Exxon Mobile has announced its adherence to this initiative. Nevertheless, NGOs are campaigning to make indigenous peoples' lands recognised and, therefore, protected from extractive industries.
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25 October 2017
The Extractive Industries Transparency Initiative (EITI) Board has approved Guyana’s EITI candidature application making the South American country the 53rd candidate of the global transparency body…OilNOW understands Guyana’s EITI National Coordinator, Dr. Rudy Jadoopat travelled to the Philippines to attend the 38th EITI International Board Meeting in Manila at which the country’s candidacy was approved. He was accompanied by Curtis Bernard, Co-Chairman of the Multi-Stakeholder Group, representing Civil Society…Guyana’s first EITI Report must be published within the next 18 months and the country will be required to commence Validation within two and a half years. Where validation verifies that Guyana has made satisfactory progress on all of the requirements, the EITI Board will designate the country as EITI compliant. EITI compliant countries must maintain adherence to the EITI principles and requirements in order to retain compliant status.
25 October 2017
…The EITI Board approved Guyana’s application to join the Extractive Industry Transparency Initiative (EITI) at its meeting in Manila on 25 October. Guyana became the latest country to implement the EITI, the global standard for the good governance of oil, gas and mineral resources…The candidature preparation follows extensive collaboration between government, industry and civil society groups. Stakeholders jointly established the national priorities and a work plan for the Guyana’s EITI implementation…Guyana is located on the north-eastern Atlantic cost in South America. With a population of less than 800,000 habitants, more than one third of the population is living below the poverty line...Exxon Mobil recently announced an investment of over $4.4 billion to develop it.