ABSTRACT
The Extractive Industries Transparency Initiative (EITI) has created a global standard for transparency in oil, gas and mining. In 2003, the EITI developed a list of principles that describe how companies and governments can promote transparency. The EITI addresses itself to both governments and companies, creating a new framework for promoting transparency. The EITI's multi-stakeholder nature determines its success, but also poses challenges. One of the challenges and opportunities of the EITI is that candidate countries must define their own process. By providing this degree of flexibility, the EITI has created a viable and effective process. Funding for implementing EITI principles can come from several sources, including the national government or international agencies. For example, the World Bank manages a Multi-Donor Trust Fund, which provides technical assistance. The EITI applies to companies that operate in the mining, oil and gas fields.
