Today, the Kyrgyz Parliament approved in the third reading the draft grant agreement between Kyrgyzstan and IDA (International Development Association) on providing funds for Extractive Industries Transparency Initiative (EITI) project, signed in Bishkek on July 6, 2015.
Mining industry of Kyrgyzstan will get $ 300,000 to improve the accountability and transparency of mining companies' work. Grant is aimed at improving the mining sector management of the Kyrgyz Republic by joining new EITI standard on disclosure of income, licenses and sub-national payments. As a part of disbursement of the funds, there will be carried out activities on training and improvement of quality of EITI reports for mining companies and government agencies, implemented reconciliation of data on EITI by an independent auditor and the reports will be published.
Earlier on, the head of the Secretariat of EITI in the Kyrgyz Republic Karybek Ibraev said that the published reports will contain information on the amount of tax deductions and volume of production of large mining companies. "We plan to post it on the State Geology Agency website, and in the future to oblige all subsoil users to provide such reports. All the rural district administrations have to post information on the companies' production volumes, its tax payments and amount of the money left on the reclamation account," Karybek Ibraev said.
In addition, within the framework of this grant, there will be held seminars to raise awareness of the local population of the mining companies.