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Extractive Industries Transparency Initiative
KfW Bankengruppe – represented by DEG - joined the supporters of the Extractive Industries Transparency Initiative (EITI) in April 2010. It commented on the accession as follows:
“KfW-Bankengruppe (KfW) - represented by DEG - Deutsche Investitions- und Entwicklungsgesellschaft (DEG) - and the Extractive Industries Transparency Initiative (EITI) share the values of transparency and sound business practice in order to foster the effective management of natural resource wealth. Therefore, KfW expresses its support for EITI. Through its support, KfW intends to work with its clients in extractive industries to ensure the principles of revenue transparency and where appropriate KfW encourages these clients to support EITI implementation. KfW has long been committed to accountability and transparency in its financing activities and sees EITI as an important part of consolidating that commitment."
EITI is a voluntary coalition of governments, companies, industry associations and representatives of civil society, aimed at ensuring the accountable payment of revenue from raw materials extraction into the national budgets of the respective resource-rich developing countries and its use for sustainable development. The EITI process will improve the transparency of revenue streams in the extraction of oil, gas and other commodities, making it easier for the public to monitor the whereabouts of these funds. The raw materials needs of the industrialised nations afford the developing countries the opportunity to improve their economic situation and standard of living. Due to management problems, corruption and local conflicts in many resource-rich developing countries, however, much of the income earned is not used for the benefit of the broad population and for promoting sustainable prosperity growth.
Under its G8 Presidency in 2007, Germany pressed for strengthening EITI further and held a global conference on resource governance at the end of 2007. It provides political and financial support to the Initiative and is presently itself a member of the international EITI Board. Besides KfW Bankengruppe represented by DEG, seven international development financiers currently number among the supporters of EITI, including the World Bank Group’s International Finance Corporation (IFC) and the African and Asian Development Banks.
