Officials in Kampala are guarded on which financiers are involved but indicate that the wheels are starting to turn. Insiders say arranging Eacop’s financing has been a “headache,” a “slow and complex process” due to the environment concerns and negative campaign by climate activists. Such campaigns have seen major lenders desert the company as the push for clean energy sources gains currency. Last week alone, five banks — Deutsche Bank, Citi, JPMorgan Chase, Wells Fargo and Morgan Stanley — confirmed they would not finance the Eacop. TotalEnergies and China National Offshore Oil Corporation took the Final Investment Decision in February to invest $10 billion toward production and transportation infrastructure to drill, produce and commercialise Uganda’s oil.

Source: Daily Nation May 29, 2022 11:30 UTC