AfDB Is Not Supporting the East African Crude Oil Project - Africa’s premier report on the oil, gas and energy landscape.

AfDB Is Not Supporting the East African Crude Oil Project

The African Development Bank has refuted the claims in a news article that it plans to provide financial support to the East African Crude Oil Pipeline Project.

It doesn’t name the medium, nor cite the headline, but says it “strongly refutes the claims in the misleading article, which references a letter by a group of civil society organizations and climate change advocates asking the institution to withdraw from the project due to its potential social and environmental damage”.

The facts, according to AfDB:

  1. 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.
  2. 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 programme.
  3. The Bank is strongly committed to renewable energies.

Then the bank beats its chest

“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.

“The Bank is committed to facilitating the transition to low-carbon and climate-resilient development in African countries across all its operational priority areas”.

 

Share Article


Sponsored

No comments yet.

Leave a comment

Comment form

All fields marked (*) are required

© 2024 Festac News Press Ltd..