Inter-American Development Bank becomes EITI Supporter

The Inter-American Development Bank, an international financial institution that supports economic and social development in Latin America and the Caribbean, is now a supporter of the EITI. IDB’s Board of Executive Directors approved the endorsement 5 August. In their announcement, available on the IDB website, it stated that “the IDB will work with other members of the coalition that support the EITI to promote its principles and participate in policy dialogues with natural resource-rich countries.”

The president of the IDB, Luis Alberto Moreno said: “Extractive industries are key drivers of economic growth in many Latin American and Caribbean countries. The EITI offers a useful framework for encouraging best practices, and it complements the IDB’s existing work in the areas of public sector transparency and modernization of the state.”

Peter Eigen, the Chair of the EITI said following the announcement: "The EITI looks forward to working together with the IDB in furthering the EITI in Latin America. Drawing on implementation in Peru and the support the EITI has from companies like Petrobras and Pemex, the EITI is of growing interest in the region."

Most recently, the Government of Bolivia has been in discussions about implementing the EITI.

The support of the IDB now means that all major international financial institutions around the world are supporters of the EITI.  The six others are African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, International Monetary Fund, and World Bank Group.