Uganda expects ECA pipeline financing deal by June 2019

(The East African, Nairobi, 26 November 2018) Uganda and Tanzania signed an agreement in May 2017 to jointly develop the $3.5 billion pipeline that has been described as the longest electrically heated crude oil pipeline in the world. The balance of $1 billion is expected to come from shareholders in equity. Stanbic Uganda secured the role of joint arranger and adviser with Japan’s Sumitomo Mitsui Banking Corp. The two banks had previously planned to raise $3 billion by June this year from export credit agencies.