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

Norway has pledged a substantial investment of $307 million (KSh 40.2 billion) to bolster Kenya’s burgeoning e-mobility sector. Espen Barth Eide, Norway’s Minister of Foreign Affairs, affirmed this commitment during his official visit to Kenya, underscoring the strong partnership between the two nations in advancing sustainable solutions.

The Norwegian investment comes through Norfund, the country’s investment fund for developing nations, which has long been dedicated to supporting Kenya’s development initiatives. With a contracted portfolio now totaling over $300 million, Norfund’s reinforced commitment highlights Kenya’s pivotal role in its developmental agenda.

Minister Eide’s visit to BasiGo’s BuruBuru Charging and Service Depot on June 6th, 2024, served as a tangible demonstration of the collaborative efforts between Kenya and Norway in promoting sustainable practices, particularly in the realm of transportation.

Kenya’s significance as a focal point for Norfund’s developmental objectives is unmistakable, holding the distinction of being the largest country exposure within its investment portfolio. This latest injection of funds underscores Norway’s confidence in Kenya’s potential for growth and innovation, particularly in sectors vital for a sustainable future.

Notably, Norfund’s longstanding partnership with Novastar Ventures, an investment firm specializing in African startups, further solidifies Norway’s commitment to fostering entrepreneurship and innovation on the continent. With a commitment totaling $18 million (KSh 3.2 billion) across Novastar’s three funds, Norfund is poised to support the next wave of transformative businesses in Kenya and beyond.

The significance of Norway’s investment extends beyond monetary value, signaling a broader commitment to addressing climate change and promoting environmentally friendly solutions. By channeling resources into Kenya’s e-mobility sector, both countries are aligning themselves with the global imperative to reduce carbon emissions and mitigate the impacts of climate change.

As Kenya continues to position itself as a hub for innovation and sustainable development in Africa, partnerships like the one between Norway and Kenya serve as a blueprint for international cooperation towards a more sustainable future. With this latest investment, Norway reaffirms its commitment to supporting Kenya’s journey towards economic prosperity and environmental stewardship.