EITI Ecuador - English

Extractive Industries Transparency Initiative

The EITI Process in Ecuador

Ecuador was accepted as a member of EITI on 15 October 2020

May 2019

The Ministry of Energy and Non-Renewable Natural Resources, began with the help of the World Bank, the process of adhesion to the initiative

July 2019

The World Bank presented a viability study of the adhesion of Ecuador to EITI

September 2019

The Government of Ecuador announced the official decision to adhere to EITI

June 2020

Creation of the Multi Stakeholder Group (MSG) with representaites of the government, civil society and industries

July 2020

The Multi Stake-Holder Group passed the Work Plan and the MSG Operating Rules. The Work Plan was developed with the support of the Pan American Development Foundation

August 2020

Official submission of Ecuador's candidacy to the EITI

October 2020

Ecuador receives the official acceptance to be part of the EITI Initiative

September 2021

Launch of the online site of EITI-Ecuador

April 2022

First Country Report will be launched

April 2023

Second Country Report will be launched

July 2023

EITI International Secretariat´s evaluation to the country

Extractive Sector Value Chain

Multi Stake-Holder Group (MSG)

EITI Ecuador works through a Multi-stakeholder Group (GMP), made up of representatives of the Civil Society, the Government, and companies in the extractive sector

This group oversees the publication of official data, identifies governance risks and stimulates debates and reforms to make the management of oil, gas and mineral resources transparent

The Technical Secretariat of EITI Ecuador oversees executing the decisions of the GMP and aligning them with the requirements of the EITI standard

Objectives and benefits of Ecuador

The benefits for EITI implementing countries are improved investment climate by providing a clear signal to investors and international financial institutions that the government is committed to transparency. EITI also helps in strengthening licensing, record-keeping, and tax collection systems, as well as fiscal and legal frameworks. EITI national platforms for accountability improve governance and reforms, they also promote greater economic and political stability. This, in turn, can help prevent conflicts based on the oil, gas and mining sectors

The benefits for companies and investors are the mitigation of reputational and political risks, as well as the creation of equal opportunities in the countries in which they operate. Political instability caused by opaque governance is a clear threat to investments. In extractive countries, where investments are capital intensive and rely on long-term stability to generate returns, reducing such volatility is advantageous for the business. Transparency in payments made to a government can also demonstrate the contribution that your investment makes to the country

The benefits to civil society are derived from increasing the amount of information of public domain on those revenues that governments administer on behalf of their citizens, thereby, holding governments to account

The goal of the EITI is to strengthen government and business systems, inform public debate, and promote understanding. In each of the implementing countries, the EITI is supported by a coalition of government, business, and civil society