Economics
East Africa Oil Pipelines Boon to Private Funders, AfDB Says
- Nobody has ever lost money on pipelines, lender’s Negatu says
- Kenya, Uganda plan to start work on crude pipelines by 2018
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Oil pipelines planned in Kenya and Uganda to ferry crude from fields to port present opportunities for private financiers keen to gain a foothold in East Africa’s energy industry, the African Development Bank says.
“Nobody has ever, ever lost money financing pipelines,” Gabriel Negatu, the Abidjan-based lender’s regional director for East Africa, said in an interview in Kenya’s capital, Nairobi, on Sept. 23. If there is oil flowing, “it’s generally viable,” he said.