Norfund, the Norwegian investment fund for developing countries, has pledged $307 million to support Kenya’s e-mobility sector.
During an official visit to Kenya, Norway’s Minister of Foreign Affairs, Espen Barth Eide, toured BasiGo’s Buruburu charging and servicing depot. This visit highlighted the strong partnerships between Kenya and Norway in sustainable development.
“Our visit to BasiGo demonstrates Norway’s dedication to supporting Kenya’s growth through strategic investments. We are enthusiastic about the future opportunities that our ongoing partnerships can bring to the region, particularly in e-mobility,” said Mr. Eide.
The transport sector significantly contributes to carbon emissions, and transitioning to electric vehicles presents a sustainable solution to mitigate environmental degradation and address 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, CEO and Co-Founder of BasiGo.
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, committing $18 million (KSh 3.2 billion) across Novastar’s three funds and supporting the new fund launching in 2024.
“Trade between Norway and Kenya increased by 30 percent between 2021 and 2022, and the balance of trade is in Kenya’s favor. About 45 Norwegian companies are operating here – dealing with fertilizers and agritech, ICT, startups in different sectors, and renewable energy,” added Mr. Eide.
BasiGo has deployed 24 electric buses with seven 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.
