DUSHANBE, March 7, 2014, Asia-Plus -- The World Bank will provide US$300,000 in an initial grant for implementation of the Extractive Industries Transparency Initiative (EITI) in Tajikistan, according to the Ministry of Finance (MoF).

An official source at a MoF says the money is expected to come to Tajikistan within the next two months.

“The World Bank will hire an international consultant for issuing report on Tajikistan’s mining industry,” the source said, noting the 7th meeting of the EITI Council took place in Dushanbe on March 6.

The meeting reportedly discussed issues related to further development of the process of launching the Extractive Industries Transparency Initiative in Tajikistan.  The meeting participants also discussed and endorsed the EITI Council for 2014-2016.

The EITI Council members include representatives from relevant ministries and agencies of the country, civil society and mining enterprises, the source said.

We will recall that the International Extractive Industries Transparency Initiative (EITI) Board approved Tajikistan’s application for EITI candidate status at its meeting in Oslo in February 2013.

The Extractive Industries Transparency Initiative, EITI, is the widely-accepted international framework for strengthening transparency and accountability in the extractives sector.  It was launched in 2002, and is currently implemented in 35 countries across the globe.  It is unique in terms of bringing together representatives from three different groups - private sector, civil society and Government - to work together, through the verification and full publication of company payments and government revenues from oil, gas, and mining.

Adherence to and implementation of EITI is crucial for Tajikistan’s economic and social development.  Recent mining reforms and mineral discoveries are likely to significantly expand the extractive sector in Tajikistan.  Yet, these resources are not renewable and therefore need to be managed very carefully.  In this context, EITI will bring many benefits to Tajikistan: an improved investment climate, a signal to international investors that the government has a clear commitment to transparency and good governance, and strengthened accountability vis-à-vis the people of Tajikistan.