Kenya’s electric mobility sector is among the beneficiaries of President William , with local firms bagging billions of shillings in cheap loans that is expected to increase adoption of electric vehicles in the country. The US International Development Finance Corporation (DFC) announced a more than $250 million (Sh32.5 billion) new financing package for Kenya during President Ruto’s visit to the US, that includes investments to advance e-mobility in the country.
The money also includes commitments to affordable student housing, digital connectivity and renewable energy. The $250 million (Sh32.5 billion) includes a $10 million (Sh1.
3 billion) cheap loan to Basigo, the firm that has been working with matatu sector players introduce electric buses on Kenyan roads. It also includes a $10 million (Sh1.3 billion) loan for Mogo Auto Kenya, which offers motor vehicle and motor cycle financing.
DFC also said it has recently announced “a $10 million (Sh1.3 billion) loan to Roam Electric Ltd. to support the design and development of electric motorcycles and buses as well as charging stations for motorcycles and buses throughout Kenya”.
“The U.S. and Kenya have strong ties that include a robust relationship with the private sector,” DFC chief executive Scott Nathan said, adding that DFC planned to open a regional office in Nairobi.
“With this week’s announcements, DFC is doubling down on its commitments to Kenya’s development, with investments into energy, e-mobility, .
