What is CoST Initiative?
Construction Transparency Initiative (CoST) was established in 2008 with London-based Secretary. It is a voluntary multinational initiative, which is aimed at promoting transparency and accountability of infrastructure projects, mitigating mismanagement, wastefulness and corruption. Two-year pilot project CoST in 7 countries, including Great Britain, demonstrated that an approach to initiative implementation may be self-funding, tailored for a certain country and be successfully implemented due to joint efforts of public, private and social sector.
Since then a range of participating countries increased to 12, and caused interests of other, including Ukraine.
On November 6, 2013, the State Road Agency of Ukraine officially joined the International Construction Sector Transparency Initiative (CoST).
Promotion of transparency and accountability in state construction is beneficial on both domestic and international character that includes:
- prevention from mismanagement and corruption;
- mitigation of risks for civil safety, resulted by poor construction practices;
- creation of fair conditions of competition for contracts and increase of foreign direct investments and financing development of construction sphere.
Implementation mechanism of CoST includes the following components:
- disclosure of information – infrastructure data standard of CoST contains 38 elements of information, which are actively and periodically disclosed during the project implementation cycle. Additional information is published by the request of citizens;
- verification – information is disclosed by procurement agencies, but it is verified by the Verification group until disclosure for the control over compliance with Infrastructure Data Standard of CoST initiative and guarantee of its completeness and accuracy;
- Partners - Multi-Stakeholder Group supervises programme implementation. It includes representatives of government, business, and civil society.
Stakeholders’ participation – stakeholders (citizens, media, civil society organizations and legislators) get access to information, express their commentaries and bring pressure to induce action. Our web site is also a platform for publication of the disclosed information and validity reports.