The Fund for Export Development in Africa (FEDA), the development equity impact investment arm of the African Export-Import Bank (Afreximbank), unveiled two major investments aimed at accelerating Africa’s industrialisation, deepening value addition, and advancing the continent’s transition to clean mobility.
In two separate announcements on November 10 and 12, FEDA confirmed a $300 million (approximately Rwf433.5 billion) landmark investment in the Africa Minerals and Metals Processing Platform (A2MP) and a $75 million (approximately Rwf108.3) strategic investment in Spiro, Africa’s fastest-growing electric two-wheel assembler.
The A2MP deal, announced on November 12, marks one of FEDA’s most significant commitments to date. The platform, designed to strengthen Africa’s position in global mineral value chains, focuses on processing and refining the continent’s vast mineral resources on African soil rather than exporting them raw.
Marlene Ngoyi, CEO of FEDA, said the A2MP transaction represents the type of visionary investment needed to transform Africa’s mining landscape.
“Our investment in A2MP embodies the type of transformative investment that aligns perfectly with our vision for Africa’s mining future. The platform’s model is built on retaining beneficiation and processing within the continent, ensuring that the real economic value of Africa’s mineral wealth is captured locally,” Ngoyi said.
FEDA said the move reflects Afreximbank’s strategy to enhance industrial capacity and promote value-added exports, positioning Africa as a competitive player in the global mining and metals ecosystem.
According to the institution, the investment will catalyze large-scale mineral processing projects, reduce Africa’s dependence on foreign refined inputs, and support the creation of industrial jobs across multiple regions.
The initiative also comes at a time when global demand for strategic minerals—such as cobalt, lithium, and rare earths—is rising rapidly, placing Africa at the center of the global green transition.
Two days earlier, on November 10, FEDA had announced a $75 million investment in Spiro, the continent’s leading electric motorcycle assembler and the operator of Africa’s fastest-growing battery-swapping network.
The financing will enable Spiro to scale production, expand its swapping infrastructure, and support Afreximbank’s broader vision for an integrated automotive industry under the African Continental Free Trade Area (AfCFTA).
Spiro’s model—which replaces fuel-powered motorcycles with clean electric alternatives—has already gained traction in markets such as Rwanda, Togo, Benin, and Kenya. FEDA said its investment will strengthen Africa’s shift toward low-emission transport, reduce fuel dependency, and contribute to cleaner urban mobility across major cities.
The company’s founder, Gagan Gupta, said the new investment will accelerate its mission to reshape mobility and energy infrastructure on the continent.
“We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa. Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution,” he said.
Together, the two investments reaffirm Kigali-based FEDA’s central role in accelerating Africa’s industrial transformation. By targeting both upstream value addition in mining and next-generation mobility solutions, the fund is positioning African economies to benefit from global market shifts while building sustainable, export-oriented industries.
Afreximbank said the initiatives reflect its commitment to driving long-term development impact through strategic equity investments that create jobs, support continental value chains, and advance Africa’s economic resilience.
