The project will cost $5 billion, including the cost of credit and 40% of the money will be raised through debt while the rest will come from equity, Irene Bateebe, permanent secretary for Uganda's Ministry of Energy and Mineral Development told Reuters.
"We are working towards financial close. So we are at the tail-end of the discussions for the financial close and we are confident by the end of October of this year we should close the debt component."She said they had faced frustration with Western banks after environmental groups pressured the lenders to desist from funding the project on grounds the pipeline would ruin the environment and contribute to rising carbon emissions.
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