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WB to render technical assistance to Azerbaijani State Oil Fund

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sofaz1The meeting of the Multi-stakeholder Group (MSG) on implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on December 20, 2016 at the State Oil Fund of the Republic of Azerbaijan (SOFAZ), SOFAZ said Dec. 21.

During the MSG meeting with the participation of the World Bank (WB) team, the EITI Mainstreaming mechanism and technical assistance for implementing of Mainstreaming was discussed by participants.

Additionally, 2015 EITI Report, the EITI Board’s decision and corrective actions for Azerbaijan, EITI Terms of Reference, implementation status of Work Plan for the current year, defining the objectives of the 2017 Work Plan and agreement of the policy on the access, release and MSG policy on the re-use of EITI data were discussed and appropriate decisions were made during the meeting.

Also the World Bank team held a workshop for the MSG members on EITI Mainstreaming mechanism.

EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003. Azerbaijan was awarded the “2009 EITI Award” for its commitment to EITI principles and criteria and achievements in EITI Implementation.

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