World Bank contracts will be available online as part of a global initiative to fight corruption and get governments to disclose their deals with private companies.

In Johannesburg this week for the first Open contracting initiative meeting, Sanjay Pradhan, vice-president of the World Bank Institute said the organisation would “walk the talk”, ensuring its own contracts are disclosed while helping countries open their books.

The Open contracting initiative is a global campaign to increase disclosure and participation in public contracting. Estimates suggest governments around the world spend $9.5tn (£5.8tn) a year contracting private companies to provide goods and services, but these deals are often shrouded in secrecy. In some developing countries, procurement can account for up to 70% of public spending.

Under the initiative, details and copies of contracts funded by public money will be online in a bid to reduce corruption and increase value for money.