YEREVAN, MARCH 10, ARMENPRESS. The Council of the Extractive Industries Transparency Initiative (EITI) approved the application of Armenia’s candidacy for the EITI on March 9 in Bogota, and the Republic of Armenia was granted the status of EITI candidate country, press service of Armenia’s Government told “Armenpress”.

Thus, Armenia became 52nd country installing the EITI standard.

“The installation of the EITI will lead to ensuring transparency in the mining field and increasing the accountability before the public. These factors play a key role for improvement of the business atmosphere in the country. Good management of extraction of natural resources can be beneficial for the citizens, and the EITI is a relevant tool to reach that goal. The significant information will be available for all stakeholders through the EITI. And the most valuable part of the process is that the sustainable involvement of interested parties will strengthen the mutual trust and cooperation between all involved sides”, Davit Harutyunyan – Minister-Chief of the Staff of the Government, said.

The EITI creates a platform in Armenia for the mutual cooperation of the Government, extractive companies and civil society which aims at raising the financial accountability of the extractive sector.

Armenia’s delegation took part in the EITI international council session in Colombia.