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Guarantee agency spends Sh2.5 billion to guarantee local businesses

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By Julius Musungu

The Multi-lateral Guarantee Agency (MIGA) has committed $30 million (Sh2.5 billion) to guarantee Kenyan business against political risk.MIGA's gurantee to Gulf Energy enabled the company to undertake the projectMIGA's gurantee to Gulf Energy enabled the company to undertake the project

MIGA Vice president and Chief Operating Officer Michel Wormser also said the agency that is part of the World Bank Group has entered into talks with the government to increase its scope and operation in the country by insuring companies against operational risks.

Mr Wormser who was speaking during a press briefing in Nairobi after an African tour that took him to Zambia and Tanzania said the agency would seek ways to increase investor confidence in Kenya by guaranteeing their investments against political risk and also to enhance credit enhancement.

He said that his agency is looking to enhance the country’s energy capacity and it had insured a non shareholder loan to independent power (IPP) Producer Gulf Power limited one of a series of IPP power plants being developed by the government of Kenya and supported by the World Bank Group.

He added that they would support major infrastructure projects like the port of Mombasa against political risk so as to boost investor confidence in the region.

He particularly made a reference that the agency would like to see the cost of power to go down in order to increase access to energy that is currently at 32 per cent, with their ultimate goals being to create more jobs and assist the county get achieve its development goals.

During the briefing Wormser said that they would expand their scope of coverage to the education sector in the country adding that they had had fruitful discussion with the government to increase their scope in Kenya.

 

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