Swiss sign up for more transparency in commodities

Switzerland is to take part in a World Bank programme to promote transparency in the commodities sector. The State Secretariat for Economic Affairs (SECO) announced on Monday that it would contribute CHF2 million ($2.1 million) to the scheme. The World Bank’s project, called the Extractive Global Programmatic Support Programme (EGPS) aims to help developing nations promote economic growth by making use of their energy and mineral resources in a way that also gives importance to transparency, sustainability, and good governance. Overall the programme costs $84 million. As part of the scheme, support is given to finance and energy ministers in developing countries. This includes training in fiscal and commodity policy, and help in contract negotiations with commodity companies over mining rights or granting licences.  On Wednesday, Economics Minister Johann Schneider-Ammann will sign a programme agreement on the Swiss contribution with World Bank Director of the ...