Washington DC, July 1, 2010 – The World Bank today approved a US$50 Million grant to the Democratic Republic of Congo to increase transparency and accountability in the mining sector so that the income from natural resources will be used for inclusive and sustainable growth. The “Growth with Governance” project also aims to help public sector agencies become more efficient and transparent in handling mining operations, leading to better economic and environmental outcomes.
The Regional Vice President for Africa at the World Bank, Obiageli Ezekwesili, said: “Good governance is essential if mining operations are to benefit the country and improve opportunities for the general public. This applies equally to small and large mining operations. Good governance is also important to attract investors, who rightly want assurance that their investments will be secure. We will be focusing attention on the governance agenda in our dialogue with DRC. Future lending decisions will be influenced by actions taken on governance.”
The project is part of a joint approach with the British Department for International Development, which is providing an additional US$42 Million in financial support. A central aim of the project is helping DRC move towards compliance with the enhanced Extractive Industries Transparency Initiative (EITI++).
The EITI++ is a global standard that promotes revenue transparency. It encourages countries to take a strategic and comprehensive view of how to translate wealth from the extractive industries into growth and development. The process is overseen by participants from the government, companies and national civil society.
DRC is one of the most mineral rich countries in the world and its copper reserves are the second richest after Chile.