Why Britam backed out of Uganda, Tanzania oil pipeline insurance deal
Activists gather next to a fake Eacop pipeline structure in Paris on September 23, 2022. Insurance firm Britam has backed out of a deal to underwrite the East African Crude Oil Pipeline (Eacop). PHOTO | STEPHANE DE SAKUTIN | AFP
Insurance firm Britam has backed out of a deal to underwrite the East African Crude Oil Pipeline (Eacop) after the firm’s own internal environmental and social risk assessment revealed that its participation in the $5 billion project violated its backers’ policies and performance standards.
Details of the Britam withdrawal emerged in a response filed on November 8 to a complaint raised last year with the Compliance Advisor Ombudsman – an independent agency of the World Bank – which revealed that Britam turned away from the Eacop after conducting a review of the environmental and social risks.
