In a game-changing move, African lenders have taken the lead in financing the East African Crude Oil Pipeline (EACOP), unlocking the first tranche of external funds for the $5 billion mega-project. EACOP Ltd. confirmed the closing of this crucial financing phase, with leading African banks including Afreximbank, Stanbic Uganda, Standard Bank, and KCB Bank Uganda at the helm.
This funding leap will accelerate construction of the 1,443-kilometre pipeline from Uganda to Tanzania—already 50% complete. Over 8,000 locals are employed, and $500 million has been injected into regional economies. Designed to export 246,000 barrels of oil daily, the pipeline is also committed to top-tier environmental standards.
Source: Africa Oil+Gas Report
