Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
In a statement on Tuesday, President William Ruto said the membership will enable the country to access concessional funding for several programs.
He cited infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled projects and programs as opportunities for financing.
“Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member. The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled projects and programs,” said Ruto.
Ruto signed the agreement during a visit to AIIB’s headquarters in Beijing China. The President was received by AIIB President and Board of Directors Chairman Jin Liqun and other officials
The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and a $100 billion capitalization.
The AIIB’s mission is Financing Infrastructure for Tomorrow in Asia and beyond infrastructure with sustainability at its core.
It also supports climate change efforts and helps members achieve their environmental and development goals.
AIIB began operations in Beijing in 2016 and is AAA-rated by the major international credit rating agencies.
Kenya joins 13 other African countries that are members of the international financial institution. In 2023, the AIIB disbursed Ksh.205 billion to three countries; Egypt, Rwanda, and Côte d’Ivoire.
President William Ruto is in China for the Forum on China-Africa Cooperation Summit (FOCAC).
On Tuesday Ruto held a bilateral Meeting with President Xi Jinping and discussed extending the Standard Gauge Railway from Naivasha to Uganda, Rwanda, DR Congo, and Congo Brazzaville to enhance regional connectivity.
He also engaged with the leadership of the China Communications Construction Company, led by Chairman Wang Tongzhou, to discuss priority projects.
These include the Rironi-Mau Summit-Malaba dual carriageway, the Galana-Kulalu Irrigation Project, the Bomas International Conference Centre, and the expansion of the Standard Gauge Railway into the region.
Also Read: Details Of President Ruto’s Visit To China
