Uganda’s $5-Billion Oil Export Pipeline Secures Initial Funding

The $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, has secured the first tranche of external financing for the project. EACOP Ltd., the company in charge of the construction and future operation of the project, said that it had closed the first tranche of external financing. The funding is being provided by a syndicate of financial institutions, including regional banks such as African Export Import Bank (Afreximbank), The Standard Bank of South Africa Limited, Stanbic…