Spiro Agrees to US$50 Million Debt Facility with Afreximbank to Accelerate Expansion

Spiro, Africa’s largest electric vehicle company, has secured a US$50 million debt facility from the African Export-Import Bank (Afreximbank).

The agreement was signed in Kigali, Rwanda during the Africa CEO Forum, demonstrating Spiro’s dedication to sustainable transportation in Africa. The signing featured Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani from Afreximbank.

Spiro, operating in five countries with over 14,000 bikes and more than 9 million swaps, aims to reduce environmental impact and improve urban mobility by building an integrated EV ecosystem and expanding charging infrastructure, including battery swapping and direct charging.

Afreximbank, which supports African trade expansion and diversification, is committed to environmental sustainability and economic resilience. Their support for Spiro underscores the potential of green technologies in Africa.

“This partnership with Afreximbank is a pivotal development for Spiro,” said CEO Kaushik Burman. “The $50 million USD debt facility will enhance our operations and help us expand to more African countries, showing confidence in our business model and contribution to sustainable development in Africa.”

Kanayo Awani, Executive Vice President at Afreximbank, expressed enthusiasm about the partnership: “This collaboration supports sustainable innovation and green technologies in Africa, accelerating electric vehicle adoption and enhancing transportation across the continent.”

The funds will expand Spiro’s network of automated swap stations and introduce new electric bike models, making green mobility more accessible. This collaboration with Afreximbank is a significant milestone in Spiro’s mission to transform Africa’s transport ecosystem towards a greener future.

Anish Jain, Group CEO of Equitane, supported the venture, stating, “This partnership marks a significant milestone in Spiro’s journey. As part of the Equitane Group, Spiro promotes sustainability and economic growth, leading the way for a cleaner future in African transportation.”

Last August, Spiro secured $63 million in debt funding from Societe Generale to expand in Benin and Togo.