CoST is a voluntary initiative which is relevant to any country and any government department or agency with responsibility for public infrastructure projects.
CoST’s principles reflect a shared stakeholder commitment to transparency and accountability:
- Governments are responsible for providing reliable, safe and inclusive infrastructure
Public infrastructure should support sustainable economic growth and development and benefit all people. Mismanagement, inefficiency or corruption in the sector undermines the significant social and economic benefits that well-designed infrastructure can bring.
- Governments should be accountable
Citizens have a right to know that their money is being used wisely. Public infrastructure projects should be transparent so that government can be held accountable.
- Transparency improves governance
Disclosure of information across the infrastructure project cycle can provide an effective means to improve value for money by reducing opportunities for corruption and increasing scrutiny.
- Transparency promotes investor confidence
Transparency promotes better management of public infrastructure which is likely to increase domestic and foreign direct investment.
- Multi-stakeholder cooperation reflects shared interest and responsibility
Multi-stakeholder working between government, private sector and civil society improves transparency and builds trust as all opinions are taken into account.