CoST Principles:

CoST is hinged on principles which include:

 

-     Governments are responsible for providing reliable and safe infrastructure which should in turn support sustainable economic growth and development.

 

-     Governments should be accountable because citizens have a right to know that their money is being used wisely. Therefore implementation of public construction projects should be sufficiently transparent for government to be held accountable.

 

-    Transparency improves governance - Public disclosure of information during the project cycle          can provide an effective way to improve value for money in construction by reducing opportunities for corruption and increasing scrutiny.

 

-    Transparency promotes investor confidence. Domestic and foreign direct investment is likely to be increased by transparency in the management of construction projects.

 

-     Multi-stakeholder cooperation reflects shared interest and responsibility, improves transparency and builds confidence that all points of view are being taken into account.

With regard to these principles, CoST encourages Procuring Entities (PEs) to disclose/make accessible relevant information about the purpose, scope, costs and execution of publicly-financed construction projects to the public in a timely and understandable manner so that the public can be informed and have a chance to interact with the relevant public authorities to seek more information and clarifications when and where appropriate.

The CoST initiative adds credibility to the information disclosed by engaging the services of an independent Assurance Team (AT) to validate the disclosed information.

Transparency Initiatives
     
 Transparency Initiatives
 

 

Malawi joined the Construction Sector Transparency Initiative (CoST) in 2008 after sharing the aspirations of the initiative which was initiated by the Department for International Development in 2007 drawing on the experience of the Extractive Industries Transparency Initiative (EITI).

 

 
  About Us
 
Malawi joined the Construction Sector Transparency Initiative (CoST) in 2008 after sharing the aspirations of the initiative which was initiated by the Department for International Development in 2007 drawing on the experience of the Extractive Industries Transparency Initiative (EITI).
 
CoST introduces the transparency and accountability concept to the construction sector and focuses specifically on public disclosure of information. The ultimate aim is to enhance the accountability of procuring bodies and construction companies for the cost and quality of public-sector construction projects..
 

  Copyright (c)2014 . All rights reserved. Design by: Xtra Media

| Construction Transparency |

NCIC