More Banks Bail on Financing East Africa Crude Oil Pipeline

News Flash

  • More banks have distanced themselves from providing financial support to the East Africa Crude Oil Pipeline (EACOP) following three large French Banks pulling the plug on the fossil fuel project earlier in the year. 
  • HSBC, Mizuho, and the United Overseas Bank recently confirmed that they will steer clear of the widely criticized project.
  • A total of eleven banks have now indicated that EACOP is no longer bankable.
  • The project requires a 1445km, heated oil pipeline to be constructed through Uganda and Tanzania
  • French energy giant, Total, signed agreements for the Tilenga oil project in Uganda and the EACOP (East African Crude Oil Pipeline) project with Uganda and Tanzania in April. Read more
  • The deal is expected to transform Uganda into a major producer and exporter of crude oil.

Author: GBA News Desk

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