Seven major banks have ruled out finance for EACOP
As of June 2021, seven private sector banks have ruled out financing the East African Crude Oil Pipeline (EACOP), a proposed 1,445-kilometer heated oil pipeline through Uganda and Tanzania. In March 2021, Barclays and Credit Suisse became the first banks to rule out financing the project. ANZ joined them shortly afterwards. In April, French media reported that the three largest French banks, BNP Paribas, Société Générale and Crédit Agricole, will not be financing the project. The #StopEACOP coalition warmly welcomed the move. ReCommon announced in May that UniCredit had become the seventh bank to follow suit. All are existing financiers of Total and/or CNOOC.
The moves followed an open letter to banks signed by over 260 civil society organizations, coordinated by BankTrack and sent in March 2021. For more details see the Banks Checklist page of the #StopEACOP coalition website.
