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Bujumbura, Burundi – (African Boulevard News) – Burundi is doubling down on its efforts to promote transparency in its mining sector with a new application to join the Extractive Industries Transparency Initiative (EITI). The country, which has significant gold reserves, had already attempted to join the EITI in 2015, but did not follow through on its application.
The EITI is a global standard that aims to promote transparency and accountability in the extractive industries. By joining the initiative, countries commit to disclosing information about their natural resources, including how revenues are generated and managed. This helps prevent corruption and ensures that profits from mining projects are shared fairly among the population.
Burundi’s decision to reapply for EITI membership demonstrates its commitment to promoting transparency and good governance in the mining sector. By participating in this initiative, the government hopes to attract more foreign investment into the country’s mining industry, which has the potential to boost economic growth and reduce poverty.
Speaking about the renewed application, the Minister of Mines, Energy and Natural Resources, Pascal Barandagiye, said: “We believe that joining the EITI will help promote transparency and accountability in our mining sector. This is crucial to attracting responsible investments and ensuring that our resources benefit the people of Burundi.
Sector experts have welcomed Burundi’s decision to re-apply for the EITI. Dr Emmanuel Mutamba, mining consultant, highlighted the importance of transparency in the extractive industries, saying: “Transparency is the key to building trust with investors and local communities. By joining the EITI, Burundi is sending a clear signal that it is committed to responsible mining practices.
However, Burundi will face challenges in implementing the necessary reforms and complying with EITI standards. The country will need to improve its legal framework, increase transparency in revenue management and strengthen its institutional capacity to effectively monitor and report on extractive industries.
Although Burundi’s mining sector has significant economic growth potential, it also faces risks such as environmental degradation and social conflict. Membership of the EITI can help address these challenges by ensuring that mining operations adhere to international best practices and respect the rights of local communities.
In conclusion, Burundi’s decision to reapply for EITI membership reflects its commitment to promoting transparency and good governance in the mining sector. By participating in this initiative, the government aims to attract responsible investments, stimulate economic growth and ensure that the benefits of mining projects are shared equitably among the population. However, the country will face challenges such as improving its legal framework and strengthening transparency in revenue management to effectively meet EITI standards.