EACOP Ltd has confirmed securing its first allocation of external financing from a group of financial institutions, including Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda, and the Islamic Corporation for the Development of the Private Sector.
Uganda’s Energy Minister Ruth Nankabirwa previously sought additional funding from Chinese financiers after Western banks, such as BNP Paribas and Barclays, withdrew support due to environmental concerns. The $5 billion pipeline is a key element of a broader $15 billion energy development plan led by TotalEnergies and China’s CNOOC.
An insider familiar with the financing arrangements revealed that Chinese investors have committed to the project, ensuring that both equity and debt financing will proceed as planned.
Source: Reuters
