Afreximbank finances Spiro to the tune of $50 million

Spiro, the largest electric vehicle company in Africa, signed in Kigali, Rwanda, on the sidelines of the Africa CEO Forum, a memorandum of understanding for a credit facility of 50 million US dollars with the African Bank of Import-Export, Afreximbank

This agreement, it is said, illustrates Spiro’s commitment to improving sustainable transport on the continent. Spiro CEO Kaushik Burman and Kanayo Awani, Executive Vice President of Afreximbank signed this agreement.

Spiro is the largest electric vehicle company in Africa, with over 14,000 bikes, over 9 million exchanges across five countries. Operating in several African countries, Spiro’s mission is to reduce environmental impact and improve urban mobility, build an integrated electric vehicle ecosystem in Africa with a multitude of partners while establishing a wide range of charging infrastructure , including battery swapping and direct charging.

“This partnership with Afreximbank is a crucial step for Spiro,” said Kaushik Burman, CEO of Spiro. And he adds: “The US$50 million credit facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It demonstrates confidence in our economic model and our contribution to sustainable development in Africa.”

As for Kanayo Awani, Executive Vice President of Afreximbank, she expressed her enthusiasm for the partnership in these terms: “this partnership confirms our commitment to promoting sustainable innovation and green technologies in Africa. We are pleased to support Spiro through this facility which will, in turn, accelerate the adoption of electric vehicles and improve transport across Africa. This collaboration demonstrates our belief in the power of innovation to create a better world for future generations.”

Extension of the network of automated exchange stations

The funds will be used to further expand Spiro’s network of automated interchange stations and introduce new e-bike models, improving the accessibility and convenience of green mobility solutions. As Spiro continues to lead the charge to transform Africa’s transport ecosystem, this collaboration with Afreximbank marks an important step in the march towards a greener future.

An electric vehicle model from Spiro

Finally, for Anish Jain, CEO of the Equitane group: “This partnership with Afreximbank marks an important step in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that drive 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 transport in Africa.”

Last August, Spiro announced a US$63 million debt financing round with Société Générale, as part of a deal to expand the company’s presence in Benin and Togo.

Spiro

Spiro is the largest electric vehicle company in Africa, with over 14,000 bikes, over 9 million exchanges across five countries. Operating in several African countries, Spiro’s mission is to reduce environmental impact and improve urban mobility, build an integrated electric vehicle ecosystem in Africa with a multitude of partners while establishing a wide range of charging infrastructure , including battery swapping and direct charging.

Equitan

Equitane is a dynamic conglomerate deeply invested in promoting progress in Africa and beyond. The company’s mission is to identify opportunities and transform them into major projects that have a real impact. Whether it’s infrastructure, power and gas, electric vehicles, renewable energy, textiles, agri-food, healthcare or sustainable mining, Equitane stimulates the potential of its subsidiaries to encourage growth across a wide range of sectors and geographies. Its mission is simple: to help countries develop economically and socially. Clearly, it is about creating jobs, training young people and partnering with governments to achieve their objectives. Equitane is focused on economic growth and is passionate about building a better future. Through smart investments and teamwork, Equitane addresses today’s challenges while laying the foundation for tomorrow’s success.

By WritingEditorial Committee

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