Africa CEOForum: Afreximbank announces a $50M line of credit for Spiro’s EVs
Start-up Spiro's presence at the 11th Africa CEO Forum in Kigali, Rwanda, was not in vain. While there, the mobility start-up secured a $50 million credit facility with the Export-Import Bank (Afreximbank). This line of credit will accelerate the expansion of its electric motorbikes in Africa.
On 16 and 17 May 2024, business and government leaders from 73 countries gathered in Kigali, Rwanda, for the Africa CEO Forum. The 11th edition of this event, considered to be the “African Davos”, enabled the 2,000 participants to put into perspective the role of the private sector in the process of sustainable development on the continent.
Behind the scenes, some leaders took advantage of the opportunity to identify talent, unearth ambitious projects and even conclude concrete agreements. This is the case of Kanayo Awani, Executive Vice-President of the African Export-Import Bank (Afreximbank), who has signed a $50 million credit facility with mobility start-up Spiro.
The loan should enable the start-up, which operates in Rwanda and Togo, among other countries, to expand its electric motorbikes and battery exchange stations. “The $50 million credit facility will significantly enhance our operational capabilities and help us expand our presence in more African countries,” explains Kaushik Burman, Spiro’s CEO.
Afreximbank’s interest is undoubtedly to position itself in the financing of green mobility, which is not yet of sufficient interest to traditional banks. And yet the market for electric vehicles, which will be very useful in the transition to sustainable transport, is expected to represent savings of up to 7,000 billion dollars by 2030, according to BloombergNEF (BNEF).
