Standard Bank unlikely to fund more than $100m of EACOP project
The bank’s potential funding amounts to just 2% of the overall East African Crude Oil Pipeline cost, which is now estimated to be as high as $5bn
27 September 2022 - 17:46
Standard Bank is unlikely to provide more than 2% of the funding required for the controversial East African Crude Oil Pipeline (EACOP), a project condemned by environmental groups that will see Uganda’s oil transported to a port in Tanzania for export.
While Standard Bank is so far only acting as a financial adviser on the project, it has said its decision on whether to provide financing for EACOP will be guided by an environmental report by Golder Associates, which is still being reviewed by its internal experts. ..
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