WayForward@ITREALMS

Saturday, April 18, 2020

AfDB refutes plans to provide support to EA Crude Oil Pipeline project - ITREALMS

The African Development Bank has refuted an inaccurate news article stating that the institution plans to provide financial support to the East African Crude Oil Pipeline Project, reports ITREALMS.

The Acting Director of Communication and External Relations Department at AfDB, Mrs Nafissatou Diouf, confirmed this to 
ITREALMS, saying that 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.

Diouf in a press statement available to 
ITREALMS also noted the facts 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.

In addition, AfDB said "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," even as they strongly support renewable energy solutions.

Pointing out that the AfDB 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, therefore, is committed to facilitating the transition to low-carbon and climate-resilient development in African countries across all its operational priority areas.

These commitments are articulated in the range of strategies, policies and action plans which are aligned to all Bank operations and are available to the public. In 2019, approximately 36% of total financial approvals were directed to climate action. The African Development Bank further commits to doubling its climate finance to $25 billion between 2020 and 2025. Furthermore, the Bank is joining forces with the other Multilateral Development Banks to design a framework that ensures that all our investments align with the goals of the Paris Agreement.

Chuks Egbune/Editor


*JOIN our alert's group | Share stories with us | Advert placement: WhatsApp | SMS: +2348033592762 *Twitter: @ITREALMS *Email: itrealms.dsa@gmail.com*

No comments: