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Spiro secures $50 million debt facility for rapid expansion

Spiro, Africa’s leading electric vehicle company, has announced a major milestone in its journey towards sustainable transportation on the continent.

The company has successfully secured a $50 million debt facility with the prestigious African Export-Import Bank (Afreximbank), showcasing its dedication to revolutionizing urban mobility in Africa.

The agreement, signed during the Africa CEO Forum in Kigali, Rwanda, marks a significant step forward for Spiro and underscores its commitment to advancing green technologies across the region.

The official signing ceremony, attended by Spiro’s CEO Kaushik Burman and Madame Kanayo Awani of Afreximbank, symbolizes the strong partnership between the two organizations in driving environmental sustainability and economic development in Africa.

As the largest electric vehicle company in Africa, Spiro has made great strides in transforming the transportation landscape with its fleet of over 14,000 bikes and more than 9 million swaps across five countries.

The company’s innovative approach to building an integrated EV ecosystem, complete with a wide range of charging infrastructure including battery swapping and direct charging stations, has set it apart as a trailblazer in the industry.

Afreximbank, renowned for its role in promoting African trade and economic growth, has once again demonstrated its commitment to supporting sustainable initiatives on the continent.

By providing Spiro with a $50 million debt facility, the bank is not only empowering the company to expand its operations to more African countries but also endorsing the potential of green technologies to drive positive change in Africa.

In a statement regarding the partnership, Kaushik Burman, CEO of Spiro, emphasized the significance of the agreement, stating,

“This partnership with Afreximbank is a pivotal development for Spiro.

The $50 million debt facility will significantly enhance our operational capabilities and help us further our mission of promoting sustainable development in Africa.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank, Afreximbank, expressed great excitement about the recent partnership with Spiro.

Spiro secures $50 million debt facility for rapid expansion www.whoownsafrica.com
Spiro CEO, Kaushik Bruman, and Kanayo Awani, Executive Vice President of Afreximbank, pose for a photo after the signing ceremony during the Africa CEO Forum in Kigali. All photos courtesy

The collaboration showcases a dedication to fostering sustainable innovation and green technologies in Africa, with the aim of accelerating the adoption of electric vehicles and improving transportation infrastructure across the continent.

The funding received will be used to bolster Spiro’s network of automated swap stations and introduce new electric bike models, ultimately making green mobility solutions more accessible and convenient for the African population.

As Spiro continues to revolutionize Africa’s transport ecosystem, the partnership with Afreximbank represents a significant advancement towards a greener future.

Anish Jain, Group CEO of Equitane, echoed his support for this new venture, emphasizing the importance of pioneering solutions that promote sustainability and economic growth.

Spiro’s collaboration with Afreximbank marks a major milestone in its journey towards creating a cleaner, more sustainable transportation system in Africa.

This collaboration comes on the heels of a successful $63 million debt funding round with Societe Generale last August, further solidifying Spiro’s position as a key player in the sustainable transportation industry in Benin and Togo.

Go to Who Owns Africa for more news from the African continent.

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