Thursday, May 06, 2010

Construction Sector Transparency Initiative (CoST) in Guatemala

Guatemala has officially launched the World Bank-supported Construction Sector Transparency Initiative (CoST). As an "Associate Country", Guatemala is the first Latin American country to benefit from the initiative.

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.

Ensuring greater disclosure of information relating to public construction projects, in particular the basis on which the project was commissioned, project evaluation and any significant changes from the original tender document along with the reasons, in particular on cost, it can help to raise the level of scrutiny. It also aims to ensure greater awareness of the project evaluation. By allowing the public to make the comparisons between what was planned and what was delivered as well as to raise questions the aim is to reduce wasted opportunities and expenditure.

CoST is based on a set of key guiding principles and must be implemented following a set of agreed criteria.

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