Deutsche Bank is not financing controversial African pipeline

FRANKFURT (Reuters) – Deutsche Bank (ETR:) is not financing a controversial pipeline in Africa that environmental campaigners have said will displace thousands of families and disrupt nature reserves, a person with knowledge of the matter said on Sunday.

Germany’s largest lender has come under pressure to make clear its stance on financing of the planned $3.5 billion East African Pipeline (EACOP), which would stretch more than 1,400 kilometres from Uganda to Tanzania.

Deutsche Bank has never been involved in the financing of the pipeline, said the person, speaking on condition of anonymity.

Deutsche Bank said in a statement that it doesn’t comment on clients, but that it “supports the transition to a low-carbon economy” and its policies prohibit it from knowingly financing projects that clear primary forests, areas of high conservation value and peatlands.