Norway has pledged a substantial $307 million investment in Kenya’s burgeoning e-mobility sector, with a particular focus on the rollout of electric buses.
This significant commitment, channeled through Norfund, a Norwegian investment fund, marks a major step towards advancing sustainable transportation in Kenya.
Strengthening Bilateral Ties and Promoting E-mobility
This landmark investment comes as Norway and Kenya celebrate 60 years of bilateral relations. Norwegian Foreign Minister Espen Barth Eide, during his recent visit to Kenya, affirmed Norway’s enthusiasm for Kenya’s growing e-mobility sector and its potential to combat climate change.
He also visited BasiGo Kenya, a leading e-mobility company in Nairobi.
Norfund and BasiGo Partner to Enhance Road Safety and Local Assembly
Norfund’s grant scheme will co-invest with BasiGo in a project aimed at improving road safety through the deployment of electric buses.
The goal is to achieve 1,000 locally assembled e-buses in Kenya within the next three years, creating 300 jobs in the process.
Foreign Minister Eide expressed Norway’s dedication to supporting Kenya’s growth through strategic investments, highlighting the potential for e-mobility to transform the region’s transportation landscape.
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BasiGo’s Expanding Electric Bus Fleet
BasiGo, a key player in Kenya’s e-mobility sector, has already received 500 orders for electric buses in Kenya and 100 in Rwanda.
The company recently secured a $10 million loan from the US International Development Finance Corporation (DFC) and a $3 million investment from the CFAO group to accelerate its e-mobility efforts.
Local Assembly and Expanding Operations
In February, BasiGo completed the assembly of its first locally-built E9 Kubwa electric bus in partnership with KVM. Currently, the company operates 24 electric buses across six routes in Nairobi, collaborating with seven bus operators.
With Norway’s substantial investment and BasiGo’s expanding operations, the future of e-mobility in Kenya looks promising.
This collaboration not only contributes to a cleaner and more sustainable transportation system but also fosters economic growth and job creation.