Rand Merchant Bank boosts African carbon business by backing clean cookstoves

Rand Merchant Bank said a loan agreement based on the flow of future carbon credit income to a Microsoft Corporation's-backed clean cookstove company takes it a step toward establishing its Africa-focused carbon finance business.

The loan to KOKO Networks, plus an undertaking for future financing, will help support the expansion of a company that has supplied 1.1 million Kenyan homes with bioethanol fuel and cookers.