CoST Initiative
EIC is a supporter of the Construction Sector Transparency Initiative (CoST) which works with governments, industry and local communities around the world to get better value from public infrastructure investment by increasing transparency and accountability.
Launched in 2012, CoST has developed into a multi-stakeholder initiative with 15 participating countries spanning four continents.
CoST upholds global standard for transparency
CoST seeks to enhance transparency in public construction by ensuring that basic information on projects is disclosed to the public at key points throughout the project cycle. The expectation is that disclosure will increase transparency and accountability and thus, in the long term, help to improve value for money from investments in infrastructure. CoST adds an assurance process to validate the information and interpret it in plain language that helps stakeholders understand the main issues so that they can then use this knowledge as a basis for holding the responsible parties accountable. In each country CoST is directed by a multi-stakeholder group (MSG) that comprises representatives of government, the private sector, and civil society and ensures that key stakeholders uphold objectives and improve the quality of public infrastructure investment. By bringing the key stakeholder groups together on neutral ground, CoST helps them to form and pursue shared objectives in improving value for money in construction projects and in improving efficiency and effectiveness.
Leaving a global footprint in Good Governance development
Starting in eight countries, CoST now covers 14 states in various regions of the world. While its focus lies in Central America, Eastern Africa and Central Asia, the initiative also supports Good Governance development in hot spots such as Afghanistan and Ukraine. It therefore takes part in the implementation of the UN Sustainability Goal 16 ‘Peace, Justice and Strong Institutions’.