Uganda: Standard Bank Reviewing Oil Pipeline Financing Concerns

Standard Bank Group has said a "preliminary finding report is currently under review" of the key concerns, especially on the environment and social impacts, related to the proposed East African Crude Oil Pipeline (EACOP).

In a statement to an inquiry by Daily Monitor after a group of civil society actors from 49 countries wrote to chief executives of 26 banks to shun the multi-billion dollar infrastructure over environmental concerns, the bank said: "It is following its own internal processes and, along with its advisory banking partners" and has employed an independent environmental and social advisor relating to the project.

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