Koko Networks has secured Sh23.21 billion ($179.64 million) from the World Bank’s Multilateral Investment Guarantee Agency (MIGA) to support its expansion and mitigate risks, including legal disputes and land seizures. The 15-year financial guarantee ensures long-term stability for the company.
Koko gas has been operating in Kenya since 2019 providing it’s services like affordable and eco friendly cooking fuel, which helps in reducing deforestation and environmental degradation stemming from charcoal use.
MIGA aims to protect Koko investments from both political and financial risks thus supporting Kenya’s transition to affordable, eco- friendly cooking solutions and boosting confidence in clean energy investment across East Africa.
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According to Graig Murray, the company CEO said MIGA has enabled development of energy infrastructure in risk prone environments for the last 40 years, adding that Koko Network is proud to work with them.
“MIGA’s guarantees have enabled risk – exposed energy infrastructure to be built in emerging markets for over 40 years and we are proud to be the first MIGA policy covering the unique political risks associated with the Paris agreement carbon markets,” Murray said.
