Construction Sector Transparency Initiative (CoST)

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Posted on: 23 October 2012
By: mackene
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Filed under: News

The Construction Sector Transparency Initiative (CoST seeks to help participating countries improve the value for money spent on the construction of public infrastructure. This goal is to achieve the delivery of good quality infrastructure projects at lower cost, with increased predictability of outcomes. The Construction Sector Transparency Initiative (CoST) has been introduced following a three-year pilot project. The UK was one of the pilot countries, where projects reviewed by CoST have been set out as examples of best practice, and give a strong basis for projections on potential savings. The UK Government has also committed to implementing CoST as part of its programme to reduce infrastructure costs by £2.5bn per annum. The organisations behind the initiative include the World Bank; the International Federation of Consulting Engineers (FIDIC); the ONE Campaign and the Institution of Civil Engineers. They calling on international governments, as well as the global construction industry, to commit to incorporating CoST into all public construction projects to create a more transparent and accountable sector, leading to better infrastructure. The initiative has been adopted by eight participating countries around the world, including Ethiopia, Malawi, Philippines, Tanzania, Vietnam, Zambia, as well as the UK.

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