China to finance East African Crude Oil Pipeline

The East African Crude Oil Pipeline has been beset by shrinking international finance for its greenfield oil and gas projects. The project has also grappled with civil suits from climate activists, who are intent on drumming up support for cleaner energy sources. A number of major banks such as HSBC, Standard Chartered and Standard Bank announced that they are reviewing their lending for oil and gas projects in light of the net zero campaign. Energy minister Ruth Nankabirwa has confirmed that the China Export-Import Bank, and “several other Chinese banks” will finance the $3b (Shs11.2 trillion) debt required for the East African Crude Oil Pipeline (Eacop).The confirmation ends months of speculation about the oil pipeline financing arrangements that the government had kept under lock and key. What is your take on Eacop project ?