Governments are often looking for innovative ways to strengthen their institutional capacity to plan, manage and control the extractive sector. In this context, the IDB provides support to countries in Latin America and the Caribbean to enhance governance and transparency in the extractive sector.
Our work focuses on three main areas:
1.Improving institutional capacity to manage information. Public officials in the extractive sector are frequently challenged by deficits related to the availability and quality of sector information. The IDB provides support to improve timely access to high quality information to increase efficiency and transparency in the sector. For example, the IDB supported the design and implementation of MapaRegalias, a data visualization platform in Colombia which provides complete traceability through the royalty cycle, from the source of the revenues to the implementation of public investment projects.
2.Supporting countries to implement international transparency standards. International standards such as the Extractive Industries Transparency Initiative (EITI) have gained increased traction in Latin America and the Caribbean. The IDB is helping countries to boost their institutional capacity so that they comply with the requirements of international standards, as it happened in Trinidad and Tobago. In this country, the Bank helped the government enable the disclosure of information on the extractive sector payments to the public, and the implementation of the EITI.
3.Enhancing peer-learning and exchange of best practices among countries and stakeholders. Countries often lack the capacity and the resources to consolidate lessons learned from the exploitation of natural resources. The IDB helps to consolidate knowledge in selected areas of expertise and fosters collaboration between countries and stakeholders. The book “Transparent Governance in an Age of Abundance: Experiences from the Extractive Industries in Latin America and the Caribbean” is a good example of this type of effort to generate positive spillovers across countries and actors, on the basis of empirical research and knowledge exchanges.
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