The US Embassy today announced a US$500,000 project to promote transparency and good governance in the extractive industry as Guyana gears up for first oil.
Funding for the project falls under the United States Agency for International Development and is aimed at building capacity for the administration and governance of Guyana’s extractive resources and address gaps identified in Guyana’s first published report on the sector.
According to the Embassy, Programme support will also address required changes in data collection, monitoring and reporting systems that support Guyana’s attainment of the Extractive Industries Transparency Initiative 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 embassy noted that the discovery of vast offshore oil reserves in Guyana constituted a milestone for Guyana’s economic prospects and is expected to rapidly propel Guyana’s economy upward.
The statement added that during Guyana’s transition period, transparency, accountability and good governance will determine the country’s ability to responsibly manage its extractive resources and ensure revenues benefit the Guyanese people.
The USAID project will support the attainment of the standards.
Key program partners include the Guyana Extractive Industry Transparency Initiative (EITI) secretariat, the Multi-Stakeholder Group and other stakeholders from government, industry and civil society.
The Pan American Development Foundation (PADF) is implementing this program, which concludes in September 2020.