The venture-backed technology company operated in Kenya, among other East Africa countries, providing clean cooking solutions.
The company provided clean ethanol cooking fuel and cooking products for Kenyans.
Last week, Koko shut down its operations in Kenya following a dispute with the Kenyan government over the sale of carbon credits.
In a response to concerns on Koko’s closure, Ruto’s advisor Ndii argued that there were several factors leading to the closure of the technology company.
“Koko’s case is uniquely multidimensional. The Paris Agreement itself, the veracity of cookstove carbon credits, our investor unfriendly NDC regime and carbon market regulations, transparency of Koko’s business model, diplomatic meddling,” said Ndii.
Ndii was further asked if the state could intervene since Koko provided cooking solutions for thousands and job opportunities.
“Too late. Even good doctors lose patients. 🤷🏾♂️,” said the economist.
The Business Daily reported that Koko had reached an agreement with World Bank’s Multilateral Investment Guarantee Agency, that would compel the state to compensate the investor in the case of interference with its business.
