Spiro, an African electric vehicle company in Africa has signed an agreement for a significant $50 million debt facility with the African Export-Import Bank (Afreximbank).
Details
This landmark agreement was signed in Kigali during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent.
The official signing ceremony took place in Kigali, Rwanda, featuring Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Executive Vice President of Afreximbank.
What They’re Saying
“This partnership with Afreximbank is a pivotal development for Spiro,” stated Kaushik Burman, CEO of Spiro.
“The $50 million USD debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa.”
Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank expressed enthusiasm about the partnership: “This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa. The future of transportation lies in the use of electric vehicles and as demand for clean energy solutions soars, support towards companies like Spiro is crucial for accelerating the adoption of electric vehicles and reduction of carbon emissions.
This collaboration not only aligns with our values of sustainability and responsible banking but also reaffirms our belief in the power of innovation to create a better world for future generations.”
Anish Jain, Group CEO of Equitane, expressed his support for this new venture, stating, “This partnership with Afreximbank marks a significant milestone in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that promote sustainability and economic growth. We are proud to see Spiro take this remarkable step forward, paving the way for a cleaner, more sustainable future in African transportation.”
What Happens Next
The funds will be utilized to further expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions.
Zoom Out
Last August, Spiro announced a $63 million debt funding round with Societe Generale, in a deal designed to expand the company’s footprint in Benin and Togo.
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