The financing behind the East African Crude Oil Pipeline (EACOP) is facing renewed scrutiny following a demand by 149 civil society organisations for eight African and Middle Eastern financial institutions to disclose the extent of their involvement in the project. The coalition's call follows a new analysis identifying approximately $3.7 billion in project lending linked to EACOP between 2025 and 2026, bringing greater attention to the financial institutions supporting one of East Africa's largest energy infrastructure developments.
The open letter, issued by the StopEACOP coalition on October 28, names Afreximbank, KCB Group and KCB Bank Uganda, the Islamic Development Bank Group and its Islamic Corporation for the Development of the Private Sector, NMB Bank Tanzania, Qatar National Bank, Standard Bank Group and Stanbic Bank Uganda, and Uganda Development Bank. The analysis was conducted by Reclaim Finance, which identified lending associated with the project but noted that the individual amounts and financing terms involving several institutions have not been publicly disclosed. The $3.7 billion figure therefore represents identified project-linked lending rather than amounts individually confirmed by all eight institutions.
The financing arrangements have attracted attention partly because of the difficulty EACOP has faced in securing international financial backing. According to the coalition, more than 40 banks and 30 insurance companies have declined to support the project or introduced policies restricting their involvement. Consequently, African and Gulf financial institutions have become increasingly important to its financing structure.
Although EACOP Ltd confirmed in March 2025 that its first external financing tranche included Afreximbank, Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda and the Islamic Corporation for the Development of the Private Sector, it did not disclose the individual contributions. The extent of involvement and terms associated with other institutions identified in the recent analysis have also remained unclear.
What the Coalition Is Asking For
Beyond disclosure, the coalition has outlined two additional demands. It wants the financial institutions to commit against providing further funding for EACOP expansion and related oil and gas development in Uganda's Albertine Graben region or elsewhere. It is also calling for financial contributions towards addressing the impact of the project on affected communities.
The proposed remedy would operate through an independent, community-led mechanism designed to support compensation, restore livelihoods and fund environmental clean-up. The coalition argues that EACOP Ltd and its financial backers should contribute according to their respective roles in the project.
These demands reflect concerns raised by communities along the pipeline route, particularly regarding land acquisition, compensation, disrupted livelihoods and environmental damage. The coalition maintains that some affected households have yet to receive adequate compensation or recover their previous sources of income. It also warns that these concerns could persist beyond the completion of construction and into the operational phase.
For financial institutions, the dispute raises questions about the relationship between infrastructure financing, environmental and social risk assessments, and publicly stated sustainability commitments. Disclosure of lending arrangements would provide investors, regulators and affected communities with greater insight into the institutions' exposure to the project and the conditions attached to their financial support.
EACOP's Progress Towards Commercial Production
The financing debate comes as EACOP approaches another revised production timeline. The approximately 1,443-kilometre heated crude oil pipeline is designed to transport oil from Uganda's Lake Albert oilfields to the Chongoleani terminal near Tanga, Tanzania, for export to international markets.
At African Energy Week, held between October 12 and 16, 2026, officials from the Uganda National Oil Company indicated that commercial oil production is now targeted for June 2027. This represents another adjustment to the project's timeline, following earlier production targets in 2025, June 2026 and July 2026. Tanzania's state petroleum company has separately indicated that crude oil could reach Tanga by February 2027, with the first tanker loading expected in March.
As the project moves towards commercial operations, the latest financing controversy highlights the broader responsibilities associated with developing large-scale energy infrastructure. While EACOP is expected to provide Uganda with an export route for its crude oil and generate economic opportunities for both countries, questions surrounding financing transparency, community compensation and environmental management remain part of the project's wider development considerations.
The eight financial institutions have been asked to clarify their positions by November 16, 2026. The StopEACOP coalition has indicated that it intends to publish both their responses and non-responses after the deadline. Their disclosures, if provided, could offer further insight into the financing structure of EACOP and the role of regional financial institutions in supporting major oil infrastructure projects across Africa.
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