Uganda Raises Equity Target on Major Oil-Export Link to 52%
- Minister says Export-Import Bank of China to support pipeline
- Environmental groups have urged lenders not to back project
A section of the East African Crude Oil Pipeline in Kikuube, Uganda.
Photographer: Luke Dray/BloombergThis article is for subscribers only.
Uganda is taking steps to boost the equity investment in a $5 billion oil-export pipeline, following delays in raising debt for the project.
The government raised the equity ratio for the East African Crude Oil Pipeline to 52%, from an earlier plan of 40%, Energy Minister Ruth Nankabirwa said Tuesday in a virtual interview. Debt financing will cover the remaining 48%.