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Promoting the expansion of zero-emission vehicles in Africa
Project
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Signature date
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Location
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Nigeria
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Financing tool
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Financing amount (Euro)
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420000
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Financing details
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EUR 420,000 loan
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Customer
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Metro Africa Xpress, Inc.
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Type of customer
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Company
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Project number
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PNG1083
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Environmental and social ranking
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B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has become a new investor in MAX, a platform offering subscriptions for clean vehicles in Africa.
Client presentation
Metro Africa Xpress Inc. (“MAX”) was set up by Adetayo Bamiduro and Chinedu Azodoh in 2015. It is the largest subscription platform for zero-emission vehicles in Africa. It also offers subscriptions for healthcare, insurance, maintenance and e-hailing.
Project description
Proparco, via the Bridge Fund by Digital Africa, has invested for the first time in the MAX platform, during a funding round which raised USD 31m of new capital.
This financing will be used for MAX’s international expansion, initially in Egypt and Ghana, then in French-speaking, Eastern and Southern Africa. It is also planned to deploy electric vehicles and recharging infrastructure, and offer credit and financial products to over 100,000 drivers.
Project impact
The Bridge Fund by Digital Africa is a growth acceleration tool for start-ups and a solution in response to the increased financing difficulties related to the Covid-19 crisis.