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Deutsche Bank is not financing controversial African pipeline

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© Reuters. FILEPHOTO: Deutsche Bank’s logo can be seen on the London offices of a British company, July 8, 2019. REUTERS/Simon Dawson

FRANKFURT / Reuters Deutsche Bank (ETR) does not finance a controversial Africa pipeline, which environmental campaigners claim would displace thousands of African families and destroy nature reserves. A person who has knowledge of the matter stated on Sunday that ETR was not funding it.

Germany’s biggest lender is under increasing pressure to clarify its position on funding the $3.5 billion East African Pipeline, (EACOP), that would run more than 1,400 km from Uganda to Tanzania.

According to the source, Deutsche Bank was not involved in financing the pipeline.

Deutsche Bank stated in a statement it does not comment on client accounts but it supports the “transition to a low carbon economy”. It also said that its policies prevent it from financing projects that remove primary forests or areas with high conservation value.

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