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Kazakhstan and World Bank sign memorandum on extractive industries transparency
The government of Kazakhstan and the World Bank (WB) signed a memorandum on extractive industries transparency. The purpose of the agreement is to increase competition, improve management of public finance, and advance transparency of payment and revenues in extractive revenues through advocating the Extractive Industries Transparency Initiative (EITI).
The EITI was created by British Premier Tony Blair in 2002 to help achieve transparency of information on payments by extractive companies and incomes derived by the governments of countries rich in mineral resources. In 2005, Kazakhstan President Nursultan Nazarbaev announced Kazakhstan's support to the British initiative.
Kazakhstan will annually submit Public Finance Management Reports indicating the efficiency, viability and transparency of government spending in various sectors of economy, including healthcare and education.
Currently, 46 Kazakhstan companies are parties to the document. We believe that the agreement will have a positive effect on transparency and governance for those companies and any other companies that join the agreement. In turn, that could improve stock performance, as well.