NAIROBI, Kenya- Norfund, the Norwegian investment fund dedicated to developing countries, has pledged a whopping Sh42 Billion to support Kenya’s e-mobility sector.
This move is meant to promote the sustainability and innovative growth in Kenya’s transportation landscape.
Announced during an official visit to Kenya by Norway’s Minister of Foreign Affairs, Espen Barth Eide, this investment aims to bolster the nation’s transition to electric vehicles.
“Our visit to BasiGo is a testament to Norway’s commitment to supporting Kenya’s growth through strategic investments,” said Eide during his visit to BasiGo’s Buruburu charging and service depot.
“We are excited about the future possibilities that our continued partnerships can bring to the region, especially in e-mobility.”
Transforming Public Transport
The transport sector is a huge contributor to carbon emissions, making the shift to electric vehicles a crucial step in combating climate change.
BasiGo, a key player in Kenya’s e-mobility scene, has already made impressive strides by deploying 24 electric buses in Nairobi, collaborating with seven different bus operators.
BasiGo’s ambitious plan is to roll out 1,000 locally assembled e-buses over the next three years, an initiative expected to create 300 green manufacturing jobs in Kenya.
Jit Bhattacharya, CEO and Co-Founder of BasiGo, highlighted the dual benefits of this investment. “Together, we are not only fostering economic growth but also ensuring that we contribute to a safer and more sustainable public transport system in Kenya,” he said.
Strengthening Strategic Partnerships
Kenya holds the largest exposure within Norfund’s portfolio, highlighting the strategic importance of this partnership.
These funds will be instrumental in scaling up BasiGo’s production capacity and maintaining its competitive edge as the market expands.
Trade between Norway and Kenya has also seen a substantial increase, with a 30pc rise between 2021 and 2022, and around 45 Norwegian companies operating in Kenya across various sectors, including agritech, ICT, and renewable energy.
