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Liberty Holding purchace
News 14 Apr 2023

EACOP Statement

Potential lenders to the East African Crude Oil Pipeline (EACOP) project, including Standard Bank, are relying on the services of an independent environmental and social consultant (IESC/LESC) to undertake their environmental and social (E&S) due diligence.

The consultant recently concluded an update of the E&S due diligence report which has been shared with the lenders for their consideration. As part of Standard Bank’s own due-diligence process, internal experts are currently reviewing the findings of the report. Once this internal review is complete, Standard Bank will provide their final assessment and make a decision within the project's established timeframes. The lenders’ E&S due diligence will only be concluded after all necessary conditions for final financing approval have been met by the project. Thereafter, the lenders’ E&S consultant will monitor the project when implementation begins.

Standard Bank’s participation in the funding of the project remains subject to its credit approval process which includes evaluating the findings of the E&S due diligence assessments and complying with the requirements of the Equator Principles. Furthermore, it is subject to a full assessment of the EACOP project sponsors’ climate change strategies and targets. Project finance deals undergo a thorough  suite of due diligence assessments that inform the decision-making process. These assessments cover various aspects, such as legal, technical, security, market, reserves, E&S, and other relevant considerations and concerns.

Standard Bank is committed to maximising opportunities for sustainable and inclusive growth across the continent, and managing the risks posed by climate change.