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14 Mai 2023

Paul Murungi, Monitor (Uganda)

Uganda: China EximBank confirmed as financier of controversial East African Crude Oil Pipeline

"China, African banks to finance Shs11t Eacop debt" 14 May 2023

The move ends months of speculation about the oil pipeline financing arrangements that the government had kept under lock and key

Energy minister Ruth Nankabirwa has confirmed that the China Export-Import Bank, and “several other Chinese banks” will finance the $3b (Shs11.2 trillion) debt required for the East African Crude Oil Pipeline (Eacop).

The confirmation ends months of speculation about the oil pipeline financing arrangements that the government had kept under lock and key.  

“Two companies from two African countries are offering the money,” Ms Nankabirwa revealed, adding, “Part of the money is going to come from Exim Bank of China.” [...]

The Energy minister also took a swipe at de-campaigners of Eacop, stressing that “those who are not with us shouldn’t develop bad blood.”

Ms Irene Batebe, the Energy ministry permanent secretary, revealed that the financing is syndicated, stretching Eacop to other African and Islamic banks. [...]

Eacop has so far declared funding from Saudi’s Islamic Development Bank, and Afrexim Bank, totalling Shs1.2 trillion ($300m). [...]

A number of major banks such as HSBC, Standard Chartered and Standard Bank announced that they are reviewing their lending for oil and gas projects in light of the net zero campaign.

HSBC bank, in a statement, quoted the International Energy Agency’s 2021 Net Zero by 2050 report which states that an orderly transition requires continued financing and investment in existing oil and gas fields to maintain the necessary output – with 2020 financing levels maintained through 2030 and declining to half thereafter. [...]

Part of the following timelines

Uganda & Tanzania: East African Crude Oil Pipeline (EACOP)

Uganda: China EximBank, Islamic Development Bank and Afrexim Bank confirmed as financiers of controversial East African Crude Oil Pipeline; Banks did not respond