The Bank Group is active in the extractive industries in about 70 countries and is the largest provider of extractives-related development assistance by a significant margin. Our cumulative investment over the past decade was about $9 billion. In FY15, World Bank lending operations in extractives totaled $480 million directed to the poorest countries, with an additional $19 million in co-financing from other donors. Most of these projects were executed in Africa, with one in South Asia and one in East Asia. In addition, the World Bank had new trust fund commitments in FY15 of over $38 million for extractive sector reforms.
Governance and Revenue Management:
Ghana: The Ghana Oil and Gas Capacity Building Project has been successful in improving regulatory capacity while furthering the transparency of revenues and payments in the country’s oil and gas sector. At the inception of the project, the Petroleum Commission of Ghana (PCG) did not yet exist and the project has played a crucial role in helping PCG assume its role as an upstream oil and gas regulator. Today, PCG has 68 staff members, of which roughly one-third are technical staff in geology, geophysics, and engineering. PCG is beginning to function as a credible regulator on resource management issues and local content issues, which are two of its key mandates. In parallel and in cooperation with Ghana EITI, the oil and gas unit at the Ministry of Finance received training and equipment to support preparation of quarterly reports on oil and gas revenue. These reports are now being published regularly.
Local Economic Diversification:
Guinea: The World Bank began funding development of a mining infrastructure plan for Guinea in FY13 that explored the principle of shared, multi-use infrastructure for mining companies and the wider economy. Instead of each mine developing its own rail and port infrastructure, this model showed that shared, multi-use infrastructure was practical and economically viable and would also lead to significant savings in capital costs, a reduced environmental footprint and economic benefits for the country. Three infrastructure corridors were proposed - the northern (bauxite), northeast (gold) and southeast (iron ore). Guinea has been using the model to promote infrastructure investment in the country and to coordinate infrastructure plans for the mining sector.
Social and Environmental Sustainability:
Papua New Guinea: As part of a mining technical assistance program that started in FY08, small grants for women are being supported and a national multi-departmental Women in Mining Technical Committee has been established and trained. Programs supporting empowerment of women in oil, gas, and mining communities (which include components on Artisanal and Small Scale Mining, literacy and numeracy, and adolescent girls’ empowerment) have to date supported training for over 1,200 women.
Last Updated: Sep 15,2015