The Fund for Export Development in Africa (FEDA) has announced a $75 million strategic investment in Spiro, Africa’s leading electric two-wheeler company and the continent’s fastest-growing battery-swapping infrastructure provider.
FEDA is the development equity impact investment arm of the African Export-Import Bank (Afreximbank).
“This investment is fully aligned with Afreximbank’s broader automotive strategy, to develop integrated manufacturing ecosystems by fostering strategic partnerships across the entire value chain, from technology providers to local industrial champions,” a statement on Afreximbank’s website on Monday stated.