International Banks Urged Not To Support Controversial Uganda Oil Pipeline

11 Jun 2019 by OOSKAnews Correspondent
NIJMEGEN, Netherlands

A letter on behalf of 30 international and African NGOs and activists has been sent to Standard Bank and Sumitomo Mitsui Banking Corporation urging the lenders to reconsider their initial support for an oil development project in Uganda, citing threats to water and livelihoods aamong othe objections. The banks are in the process of raising $3.5 Billion USD to finance the East African Crude Oil Pipeline (EACOP) that will transport oil 900 miles from Hoima in Uganda to Tanga in Tanzania.Netherlands-based BankTrack (an international NGO that aims to stop banks from financing harmful business activities) describes the group’s objection as follows:“These concerns include the pipeline’s climate impacts, which have not been properly quantified but are expected to be severe; the risks to local people from large scale land acquisition and resettlement; the risks to freshwater supplies and to livelihoods of people living along the pipeline corridor; and the threats to biodiversity in the region, including endangered animals...

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