This article was published on Year of Investment
The Extractive Industries Transparency Initiative (EITI) National Commission of Equatorial Guinea met this week to discuss the factors currently hindering the country’s acceptance into the international organization.
Membership in the organization – which establishes a global standard for the transparent governance of the extractive sectors – will enable Equatorial Guinea to better compete for investment on a global scale by heightening investor confidence.
The Commission is also targeting the approval of draft documents that outline a plan to establish the National Transparency Observatory within the Ministry of Mines and Hydrocarbons.
“We are in the waiting stage. We believe that we have done all of the necessary homework to be able to receive the status of candidacy from the EITI and are now adjusting the final touches so that the International EITI gives us the endorsement,” said Moisés Enguru, Representative of Equatorial Guinea’s Civil Society. “Currently, the work of the National Commission, composed of the government, civil society and extractive companies, is to agree on the basic points of the draft, in order to have a single document endorsed by all.”