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 will be signed in Kigali during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent. The official signing ceremony is set to take 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. 

A motorbike taxi driver with a Spiro Electric Bike in Kigali

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. 

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.