
Kenyan Electric Bus Startup BasiGo Secures $3 Million Funding for East Africa Expansion
BasiGo, a Kenyan electric mobility company, has secured KSh396 million ($3 million) in equity funding from CFAO Group.
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The 2025 edition of the Africa Investment Forum (AIF) Market Days concluded in Rabat, Morocco, with a total of US$15.3 billion pledged for 39 bankable projects.
At the closing session, African Development Bank Group (AfDB) President Sidi Ould Tah described the results as a “new beginning, full of optimism, for the future of our continent.”
The 2025 forum, held under the theme “Bridging the Gap: Mobilising Private Capital to Unlock Africa’s Full Potential”, attracted more than 2,000 participants.
These included private investors, international and commercial banks, multilateral finance institutions, entrepreneurs and government officials, all keen on structuring projects, mobilizing capital, and expanding access to finance, including for women-led enterprises.
A notable shift in investor interest emerged: around two-thirds of the proposed transactions during the Market Days focused on the energy and transport sectors, underscoring Africa’s urgent need for infrastructure expansion and modernization.
To help ensure that these commitments turn into actual, on-the-ground developments, AfDB announced that the AIF will now feature an annual dashboard to track project progress.
Delivering remarks at the event, Morocco’s Economy and Finance Minister Nadia Fettah said the AIF embodies “an Africa that embraces its ambition… that no longer delegates its trust, and an Africa that no longer defines itself by its constraints but by its solutions.”
She urged greater mobilization of African capital together with partners who respect and align with the continent’s priorities.
The forum saw participation from nearly 80 countries. Among them, Japan was a major contributor, sending almost 100 delegates; its support came alongside other sponsors such as the African Guarantee Fund, Algest Investment Fund, Ashurst LLP, European Investment Bank and the Islamic Corporation for the Development of the Private Sector.
Since its establishment in 2018, the Africa Investment Forum has served as a bridge connecting project developers, investors, governments and financiers, accelerating the journey from project conception through to financial close, and positioning itself as a key mechanism for unlocking Africa’s development potential.

BasiGo, a Kenyan electric mobility company, has secured KSh396 million ($3 million) in equity funding from CFAO Group.

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Amenli, an Egyptian insurtech startup, has raised $1 million in equity funding to fuel its growth.