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Developers of the East African Crude Oil Pipeline (Eacop) say they are optimistic that they will conclude a syndicated debt financing deal of the project with two Chinese and seven European Banks in the coming month.

Energy Minister Ruth Nankabirwa, in April, went to Beijing to negotiate for debt financing on the invitation of Chinese President Xi Jinping, where she also met officials of Sinosure, a lead investor that requested Uganda to also interest European lenders to bankroll the project

In total, nine lenders have promised to finance the project on a 60:40 percent debt-equity ratio, but Ms Nankabirwa, who announced the new financing developments in Kampala last week, did not name the European financers, saying anti-pipeline lobbyists could sabotage the plan.

Ms Nankabirwa last week noted that they had reached a sensitive period, saying: “The project is still viable. Uganda is expanding exploration and this midstream infrastructure will be used even after 25 years.”

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