AfDB Denies Funding Pipeline Project

The African Development Bank (AfDB) has described as inaccurate news article stating it plans to provide financial support to the East African Crude Oil Pipeline Project.

The Bank refuted the claims in the report which referenced a letter by a group of civil society organisations and climate change advocates asking the institution to withdraw from the project due to its potential social and environmental damage.

“The NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) has not provided financing to any Private Sector Company for upstream oil or gas pipeline projects in East Africa.

“No commitment was therefore made to any party to fund the East African Crude Oil Pipeline Project. The project is not included in the Bank’s lending program.

“The Bank is strongly committed to renewable energies. It is important to point out that the African Development Bank Group has for more than a decade played a leading role in crafting policies and delivering investments that promote sustainable development practices on the continent, including climate adaptation and resilience,” a statement explained.