Norway Pledges $307 Million to Boost Kenya’s E-Mobility Sector

What’s this about?

  • Norway’s Minister of Foreign Affairs, Espen Barth Eide, reaffirmed Norway’s support for Kenya’s e-mobility sector during his visit to BasiGo’s Charging and Service Depot in Nairobi.
  • Norfund, the Norwegian investment fund for developing countries has a significant investment in Kenya, with a portfolio totalling $307 million and plans to support the launch of Novastar’s new fund in 2024 with $18 million.
  • BasiGo aims to deploy 1,000 locally assembled electric buses in Kenya within the next three years, creating 300 green manufacturing jobs, with substantial interest and orders from Nairobi and Kigali bus operators.

Zoom in…

Norway’s Minister of Foreign Affairs, Espen Barth Eide has committed Norway’s support in Kenya’s e-mobility sector.

Norfund, the Norwegian investment fund for developing countries has reinforced its dedication to Kenya with a contracted portfolio totalling $307 million (KSh 40.2 billion).

The minister who is on an official visit to Kenya, visited BasiGo’s BuruBuru Charging and Service Depot on Thursday 6th June, 2024 as part of showcasing the strong partnerships between Kenya and Norway in the area of sustainable development.

Kenya plays a crucial role in Norfund’s development mandate and holds the position of the largest country exposure within its portfolio.

Since its inception, Norfund has been a key investor in Novastar’s funds and has committed to the new fund launching in 2024. Norfund’s commitment totalled $18 million (KSh 3.2 billion) across Novastar’s three funds.

What they are saying…

Our visit to BasiGo is a testament to Norway’s commitment to supporting Kenya’s growth through strategic investments. We are excited about the future possibilities that our continued partnerships can bring to the region and especially e-mobility,” said Mr Eide.

The transport sector is a significant contributor to carbon emissions and transitioning to electric vehicles presents a sustainable solution to mitigate environmental degradation and address the negative effects of climate change.

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,” said Jit Bhattacharya, Chief Executive Officer (CEO) and Co-Founder of BasiGo.

Trade between Norway and Kenya increased by 30 per cent between 2021 and 2022, and the balance of trade is in Kenya’s favour. About 45 Norwegian companies are operating here – dealing with fertilizers and agritech, ICT, startups in different sectors, and renewable energy,” added Mr Eide.

What’s next?

BasiGo has deployed 24 Electric Buses with 7 different bus operators in Nairobi. The company plans to deploy 1,000 locally assembled E-Buses for Kenyan bus operators over the next three years, an investment that will create 300 green manufacturing jobs in Kenya.

Already, BasiGo has over 500 orders from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali, Rwanda.

Source: techmoran.com

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