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China Exim Bank to Finance Controversial East African Oil Pipeline: Media Reports

by Eric Olander
A map showing the EACOP project from Hoima in the west of Uganda to Tanzania’s city of Tanga on the Indian Ocean coast.

The China Exim Bank will reportedly come to the rescue of the East African Crude Oil Pipeline after Standard Chartered Bank withdrew from the project that aims to transport oil from western Uganda to the coast of Tanzania.

Ugandan Energy Minister Ruth Nankabirwa confirmed that the Chinese policy bank, along with “several other Chinese banks”, will finance an unspecified amount of the $1.8 billion needed to build the 1,443-kilometer pipeline, according to a report in the Daily Monitor newspaper.

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