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FEATURE STORY

Extractives reforms gain momentum with funding from Norway

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Norad - Oil for Development


STORY HIGHLIGHTS

  • Dedicated Trust Fund for extractives reforms gains new funding
  • Norad has committed NOK 30 million or USD $3.3 million to EGPS-2
  • Norad is committed to assisting developing countries to develop their oil & gas resources

Following the early support of Switzerland with USD$ 7 million of funding, the Extractives Global Programmatic Support (EGPS) Multi-Donor Trust Fund has now secured additional funding from a second donor: Norway. On November 22, the Norwegian Agency for Development Cooperation (Norad) committed NOK 30 million or USD $3.3 million to EGPS-2, the dedicated Trust Fund committed to improving extractive industries’ reforms in developing countries.

Norad is committed to assisting developing countries to develop their oil & gas resources to generate economic and social development with a specific focus on helping resource-rich countries with weak institutions and governance to improve transparency and accountability through the Extractive Industries Transparency Initiative (EITI). Creating transparency means enabling civil society to hold government and industry to account.

 


"Through the Oil for Development Programme, Norway assist countries in their efforts to reduce poverty by promoting economically, environmentally and socially responsible management of petroleum resources. With its solid track record in building robust, transparent extractives sectors and its network of country offices worldwide, the World Bank is in a strong position to support resource-rich countries through the EGPS Trust Fund."
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Heidi Hegertun
Director of the Oil for Development Programme at Norad

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Norad - Oil for Development


The EGPS-2 Trust Fund is by far the most important financing facility to support EITI implementation in developing countries. Apart from EITI implementation, EGPS-2 engages in three other areas:

·         Regulations and institutions: EGPS-2 supports evidence-based, effective regulation and institutional strengthening to set the framework for an extractives sector in its client countries, that enables investment and ensures inclusive and sustainable development. 

·         Local value and diversification:

EGPS-2 focuses on supporting local value and economic diversification, integration of the extractives sector into the local economy and creating opportunities for shared infrastructure to foster structural economic development at the local and national level. 

·         Environmental and social impact:

EGPS-2 supports local community benefits for all and mitigate impacts on local ecosystems through active community engagement via information sharing and participation in decision-making. 

Across all components, EGPS-2 seeks to foster gender equality by levelling the playing field, including women’s voices in decision-making and promoting access to equal access to extractives-related benefits.

For more information on EGPS-2, please contact egps@worldbank.org.


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