Report: East Africa pipeline ‘breaches banking principles’

By ED DAVEY
Associated Press

Would-be financiers of a planned oil pipeline in Uganda and Tanzania will be in breach of benchmark guidelines on financing big infrastructure projects if they go ahead, according to a report shared with The Associated Press. There are fears the 900-mile East Africa Crude Oil Pipeline, which will take three years to build and cost $3.5 billion, could result in an environmental disaster, with accusations of human rights abuses happening already. Companies involved in the project say they’re taking the necessary steps to address environmental and humanitarian challenges. Many Ugandan officials and analysts see the pipeline as a chance an opportunity to lift millions out of poverty.