US Ambassador to Guyana, Perry Holloway, says he is optimistic that Guyana’s candidacy for the Extractive Industries Transparency Initiative (EITI) will be approved this year. The United States is providing assistance to the Ministry of Natural Resources in support of the development of a strong regulatory framework and oil spill prevention strategy, in preparation for oil production in mid-2020.
He was speaking at the time at the United States’ 241st Independence Day celebration held at the Guyana Marriott Hotel, Georgetown, last Thursday.
Ambassador Holloway said this assistance is being provided through the US State Department’s Energy Governance and Capacity Initiative.
The Carter Centre is also helping Guyana prepare for its candidacy for the Extractive Industries Transparency Initiative (EITI).
In this regard, the US is currently providing a grant of 62.3 million dollars to Guyana to ensure all the requirements are met for Guyana to achieve EITI candidacy.
The EITI was established in 2003 and is an international standard for transparency in extractive industry payments and receipts. In countries participating in the EITI, companies are required to publish what they pay to governments and governments are required to publish what they receive from companies.
Mr. Holloway added that, “I am optimistic that Guyana’s candidacy will be approved this year and this will help ensure sound management of resources as well as transparency.”
The scope of the grant is expected to assist the Government of Guyana through the Ministry of Natural Resources to develop the candidacy documents required by the EITI Secretariat. It will strengthen the work of the Government of Guyana in promoting transparency in the country.
In February 2017, a Multi-Stakeholders Group (MSG) was established to identify national priorities for the extractive sectors and would be tasked with determining which companies would be obligated to make public declarations.
The MSG would design internationally acceptable criteria, which have to be sanctioned and approved by the EITI international secretariat to be used in determining which entities must make disclosures.