The United States Agency for International Development (USAID) has announced a US$500,000 extractive industries transparency project aimed at promoting transparency and good governance in Guyana’s extractive industries.
In a statement, the US Embassy in Georgetown said the aim of the project is to build capacity for administration and governance of Guyana’s extractive resources and address gaps identified in Guyana’s first published Extractive Industries Transparency Initiative (EITI) report.
It noted that program support will also address required changes in data collection, monitoring and reporting systems that support Guyana’s attainment of the EITI standard.
“Activities will include streamlining systematic public disclosure of data from the oil, gas, mining, forestry and fishery sectors; and raising awareness among citizens about the importance of transparency and accountability in the extractives sector,” the statement explained.
It was noted that the discovery of vast offshore oil reserves has constituted a milestone for the Guyana’s economic prospects and is expected to rapidly propel Guyana’s economy upward. “During this transition period, transparency, accountability and good governance will determine Guyana’s ability to responsibly manage its extractive resources and ensure revenues benefit the Guyanese people, and this program supports attainment of these standards,” it further said.
Among the key program partners identified were the Guyana Extractive Industry Transparency Initiative Secretariat, the Multi-Stakeholder Group and other stakeholders from government, industry and civil society.
The Pan American Development Foundation is implementing the program, which is due to conclude in September 2020.
