The East African Crude Oil Pipeline (EACOP) project team, led by Martin Tiffen, the Managing…
Uganda Investment Authority Issues License to EACOP for Crude Oil Export Pipeline Development
East African Crude Oil pipeline (EACOP) Ltd, the Company spearheading the development of Uganda’s crude oil export pipeline has received the investment license from Uganda Investment Authority (UIA).
The Authority issues an Investment License to both domestic and foreign companies. Acquiring an investment license from the Uganda Investment Agency is a mandatory requirement for foreign investors as it is the instrument that legalizes investment in Uganda.
The License that was handed over by Mr. Mukiza Robert, Director General, UIA, comes with conditions that govern the investment including maintaining proper Financial and accounting records, respect of the conditions in the approved Environmental and Social Impact Assessment (ESIA) certificates, ensuring a gender-sensitive working environment, Respect and Protection of Human Rights among others.
Speaking at the handover ceremony, Mr. John Bosco Habumugisha, EACOP Ltd Deputy Managing Director, said “EACOP is committed to developing the Project in a sustainable and responsible manner and is seeking compliance with international, regional, and national laws, regulations and standards, such as the IFC performance standards, the United Nations Guiding Principles (UNGPs) on Business and Human Rights, and the Lenders’ E&S standards, such as the Equator Principles IV and the Organisation For Economic Cooperation and Development (OECD) common approach, always applying the most stringent.
The investment license is issued under section 22(5) of the Investment Code Act 2019. The provision of the investment code Act, 2019 and guidelines and procedures brought into effect under it shall apply for business enterprise.