German-based KfW Banking Group has now become an EITI supporter. It is the first national development bank to do so, and joins seven international financing institutions in supporting the EITI.
The task of representation in EITI has been assigned to DEG, which is responsible in KfW Bankengruppe for private-sector promotion in developing countries. “By joining this Initiative we shall promote the broader acceptance of this international transparency standard. With our EITI membership we also want to send a signal to German enterprises to join the Initiative as well,” said DEG Board of Management member, Dr Michael Bornmann.
When KfW announced that they would support the EITI, the German government stated in a press release that "As key supporters of the private sector, the KfW and DEG will give other German companies a substantial impetus to intensify their activities in support of EITI implementation around the world".
