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

Kigali, Rwanda — Spiro, the largest electric vehicle company in Africa, is pleased to announce it has signed heads of terms for a significant $50 million USD debt facility with the African Export-Import Bank (Afreximbank).

This landmark agreement was signed in Kigali during the Africa CEO Forum, highlighting Spiro's commitment to enhancing sustainable transportation on the continent. The official signing ceremony took place in Kigali, Rwanda, featuring Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Executive Vice President of Afreximbank. 

Spiro is the largest electric vehicle company in Africa, with over 14000 bikes, over 9 million swaps in five countries. Operating across multiple African nations, Spiro's mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with multitude of partners and establish a wide range of charging infrastructure which include battery swapping and direct charging. 

Afreximbank, known for its role in stimulating a consistent expansion and diversification of African trade, has been instrumental in fostering economic development across the continent. The bank's support for Spiro not only highlights the potential of green technologies in Africa but also aligns with its broader strategy to facilitate environmental sustainability and economic resilience. 

"This partnership with Afreximbank is a pivotal development for Spiro," stated Kaushik Burman, CEO of Spiro. "The $50 million USD debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa." 

Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank expressed enthusiasm about the partnership: "This partnership reaffirms our commitment towards fostering sustainable innovation and green technologies in Africa. We are happy to support Spiro through this facility which will in turn accelerate the adoption of electric vehicles and enhance transportation across Africa. This collaboration reaffirms our belief in the power of innovation to create a better world for future generations."

The funds will be utilized to further expand Spiro's network of automated swap stations and introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions. As Spiro continues to lead the charge in transforming Africa's transport ecosystem, this collaboration with Afreximbank marks a significant milestone in the journey towards a greener future.

Anish Jain, Group CEO of Equitane, expressed his support for this new venture, stating, "This partnership with Afreximbank marks a significant milestone in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to pioneering 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 transportation." 

Last August, Spiro announced a $63 million debt funding round with Societe Generale, in a deal designed to expand the company’s footprint in Benin and Togo. 

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Spiro is the largest electric vehicle company in Africa, with over 14000 bikes, over 9 million swaps in five countries. Operating across multiple African nations, Spiro's mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with multitude of partners and establish a wide range of charging infrastructure which include battery swapping and direct charging. With over 8 million battery swaps, and over 600 swap stations, Spiro's battery swapping model is pivotal to its operations, ensuring a seamless EV user experience. Spiro riders have collectively driven almost a quarter of a BILLION KM without polluting Earth's atmosphere.

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.

Equitane is a dynamic conglomerate deeply invested in fostering progress in Africa and beyond. The company is all about spotting opportunities and turning them into big projects that make a real impact. From infrastructure, power and gas, electric vehicles, renewable energy, textiles, agribusiness, healthcare, to sustainable mining, Equitane incubates the potential in their subsidiaries to encourage growth across a wide range of sectors and geographies. Their mission is straightforward: to help countries grow economically and socially. That means creating jobs, training young people, and teaming up with governments to achieve their goals. Equitane is focused on economic growth and passionate about building a better future. Through smart investments and teamwork, they are tackling today's challenges while laying the groundwork for tomorrow's successes.