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Seven major banks have ruled out finance for EACOP
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By: BankTrack
2021-06-01

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Photo: #StopEACOP
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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.

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Related banks

ANZ Australia

active

Barclays United Kingdom

active

BNP Paribas France

active

Crédit Agricole France

active

Credit Suisse Switzerland

active

Société Générale France

active

UniCredit Italy

active
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Projects

target

East African Crude Oil Pipeline (EACOP) Uganda

Pipeline Transportation of Crude Oil
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