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Wednesday, 02 May 2012

New EU legislation might lead to a ‘blessing’ in RDC

Some claim that if new EU legislation were to introduce mandatory transparency for multinational companies, living-standards in resource-rich countries, which normally face high poverty rates, would be greatly improved.  Joseph Banga, a Congolese citizen who works for the International Alliance of Catholic Development Agencies (CIDSE), spoke of this to The Guardian and has urged the EU “[to] demonstrate commitment to Africa's development”.
Mr. Banga states that both EU transparency and accounting directives, which are  to be adopted in the coming months, can change the state of affairs “if not watered down.” In his words, companies “must be required to report on payments not just on an aggregated, country basis but also on every financial dealing with official instances”. Mr. Banga also notes  that transparency should also be ensured in all the financial dealings of timber companies, as forest exploitation is reaching alarming rates in the Democratic Republic of the Congo. As a third main concern, Mr. Banga draws particular attention to the importance of public accountability, and points out that information disclosed by companies “should be accurate and able to stand up to scrutiny”.
“It is time to shed light on opaque business”, he concludes.

Source: The Guardian