Spyroan African electric vehicle company in Africa has signed an agreement for a major $50 million debt facility with the African Export-Import Bank (Afreximbank).
Details
This landmark agreement was signed in Kigali during the Africa CEO Forum, underscoring Spiro’s commitment to enhancing sustainable transport on the continent.
The official signing ceremony was held in Kigali, Rwanda, with the participation of Spiro’s CEO, Kaushik Burman, and Madam Kanayo AwaniExecutive Vice President of Afreximbank.
What they say
“This partnership with Afreximbank is a pivotal development for Spiro“, he stated Kaushik BurmanCEO of Spiro.
“The US$50 million debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It is a testament to the confidence in our business model and our contribution to sustainable development in Africa.โ
Kanayo AwaniExecutive Vice President, Intra-African Trade and Export Development Bank, Afreximbank expressed excitement about the partnership:This partnership reaffirms our commitment to promoting 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 for companies like Spiro is vital to accelerating electric vehicle adoption and reducing carbon emissions.
This partnership not only aligns with our values โโof sustainability and responsible banking but also reaffirms our belief in the power of innovation to create a better world for future generations.”
Anish JainGroup CEO of Equitane, expressed his support for this new venture, stating:This partnership with Afreximbank marks an important milestone in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to innovative 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 transport.”
What happens next?
The funds will be used to further expand the network of automated Spiro exchange stations and introduce new models of electric bicycles, enhancing the accessibility and convenience of green mobility solutions.
Zoom out
Spyros announced last August a $63 million debt financing round with Societe Generale, in a deal designed to expand the company’s footprint Benin and To go.
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