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The EITI Board approved Angola's application, meaning its first disclosures in line with the EITI Standard will need to be made within the next 18 months
Angola's application to the Extractive Industries Transparency Initiative (EITI) was approved by the board, with EITI Board Chair, Rt Hon. Helen Clark, saying on the admission, “Angola joins the EITI at a critical juncture. The Covid-19 pandemic, ongoing oil price volatility and concerns over energy security mean that governance and transparency need to be at the heart of the country’s energy policies.
"Angola has an opportunity to use EITI implementation to reinforce its anti-corruption efforts, strengthen the reform of Sonangol, and ensure that the extractive sector contributes to domestic resource mobilisation. We look forward to the EITI promoting inclusive public debate on these issues.”
The EITI was formed in 2003, when calls from civil society advocates to address corruption issues gained steam across the continent. Civil society, industry, and government representatives (led by the UK government) agreed on a global standard, but corruption risks and challenges have persisted across Angola in the time since.
Reporting in line with the EITI Standard helps to ensure that critical information on the member nations' extractive sector is made public, including beneficiaries and contracts pertaining to extractive operators. Management of state-owned enterprises and sector revenues are also required to be disclosed in line with the standard.