World Bank to support Guyana in Extractive Industries membership

Georgetown: Recently, representatives from the Ministry of Natural Resources and the Guyana Geology and Mimes Commission met with officials from the World Bank; Senior Mining Specialist, Mr. Remi Pelon, and Extractive Industries Specialist Ms. Susan Moreira, to discuss support to Guyana in its quest for candidacy to the Extractive Industries Transparency Initiative (EITI). To date, Guyana has satisfied the initial required actions for EITI candidacy but has reached out to the World Bank for support to complete the next step in the process which will ensure that Guyana is better prepared for the responsibilities of membership. Meeting discussions focused on assessing Guyana’s progress to date, evaluating the support that can be provided at present and exploring ways in which this support will enhance current ongoing initiatives towards compliance. The Bank agreed to make the services of a consultant with experience in providing guidance towards EITI compliance, available to Guyana and also shared options for additional assistance once Guyana assumes membership. The consultant will facilitate the completion of the MSG process which is the next pivotal step in qualifying for candidacy. The EITI is a global standard that promotes the sustainable management of natural resources and is acceded to by 51 countries, who have agreed to establish, uphold and advocate for the tenets of good governance in how their natural resources are managed. Guyana, with an economy heavily based on extractive industries, and soon to become an oil and gas producing nation, Guyana is accelerating the process for compliance by forging ahead with plans to formalise the Multi-Stakeholder Group (MSG). The MSG will comprise representatives of government; industry and civil society and will help coordinate activities through a Guyana Extractive Industries Transparency Initiative GEITI) Secretariat, which will also be established. The Ministry of Natural Resources welcomes the support of the World Bank as it continues to make progress towards ensuring that Guyana’s natural resources are extracted and managed in a way that benefits both current and future generations.