The African Development Bank (AfDB) has distanced itself from what it called an inaccurate news article stating that the institution plans to provide financial support to the East African Crude Oil Pipeline Project.
“The Bank 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 Bank said
It revealed that 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,” the Bank stated in a statement.
It added 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,” it said.
Credit: businessfocus.co.ug
