Sabit Bagirov, ex-President of the State Oil Company of Azerbaijan (SOCAR) and current head of the Fund for Assistance to Business Development and Market Economy, stated that a mandate of the Extractive Industry Transparency Initiative (EITI) does not include use of funds obtained from oil profits, Trend reports.
Mr Bagirov said that the EITI's mandate requires transparency of incomes. The most interesting is the use of funds, he stressed.
NGOs' plan on EITI includes monitoring the use of funds. Financial support is needed for the implementation of this plan, he said.