Electric vehicle adoption in Kenya received a significant boost this week with a series of announcements from the U.S. International Development Finance Corporation (DFC). DFC provided a combined $20 million in direct loans to BasiGo and Roam. The loan is split equally with a $10 million direct loan to BasiGo. This loan finances the procurement of electric buses and batteries, a key component for e-mobility projects in the country.
Similarly, Roam has secured a $10 million (KES 1.33 billion) loan. The loan is to support the design and development of electric motorcycles and buses as well as charging stations for motorcycles and buses throughout Kenya.
The third beneficiary in the mobility sector is Mogo Auto Kenya. DFC announced a $10 million loan to the financial company specializing in car loans. This financing initiative aims to expand access to affordable car loans, motorcycle taxi financing, and logbook loans in Kenya.
In a seemingly unending bag of goodies, the U.S. Department of State pledged $100,000 in technical assistance to accelerate Kenya’s transition to zero-emission vehicles (ZEVs). This support will focus on ZEV policy development and implementation, capacity building, peer-to-peer learning initiatives, and workforce development programs.
US and Kenya have also pledged to make Nairobi more mobile and greener. This through a $60 million grant to improve transportation, with a focus on safe options for pedestrians, and eco-friendly public transport. This will be a 4-year project.
“With this week’s announcements, DFC is doubling down on its commitments to Kenya’s development, with investments into energy, e-mobility, and infrastructure. DFC is also expanding its on-the-ground presence by opening an office to help us better pursue opportunities across the region,” said Scott Nathan, CEO DFC.
DFC is working to open a regional office at the U.S. Embassy in Nairobi.
