Friday, 10 March 2017
Armenia Became a candidate country of the Extractive Industries Transparency Initiative/EITI
The Extractive Industries Transparency Initiative Board approved Armenia’s EITI candidature application at the EITI board meeting held in Bogota, Colombia on 9 March 2017 and Armenia attained the EITI candidacy status.
Thereby, Armenia became the 52th country that implements the EITI Standard.
“Implementing EITI will lead to transparency in the mining sector and increase accountability to citizens. These factors are essential for improvement of the business environment in the country. A well-managed natural resource extraction can become more profitable for the citizens of Armenia, and the EITI is the right tool to achieve this goal. By dint of EITI a huge amount of relevant data and useful information will be available to the all beneficiaries. And the most valuable aspect of the EITI process is the fact, that the multi-stakeholder critical engagement will lead to increased trust and cooperation between all involved parties.” said Chief of Staff-Minister and MSG Chair Davit Harutyunyan.
The EITI in Armenia creates a platform for the government, companies and civil society to hold a dialogue on financial accountability in the extractive industries. The delegation of the Republic of Armenia participated at the EITI Board meeting in Colombia.
