Kenya is become a fully paid member of the Asian Infrastructure Investment Bank (AIIB).
According to President William Ruto, the action will provide the nation access to concessional finance for a range of development initiatives, such as those related to connectivity, infrastructure, climate change mitigation, regional cooperation, and technology-enabled projects. After meeting with Jin Liqun, the chairman of the board of directors and president of the AIIB, at the bank’s Beijing, China headquarters on Tuesday, September 3, Ruto made the announcement.
He stated that Kenya’s development strategy will be advanced in large part by its membership in the AIIB. “The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects,” added Ruto.
With 109 members and a $100 billion capitalization, the Asian Infrastructure Investment Bank is a multilateral development institution that was founded in 2016.
The bank was proposed by Chinese President Xi Jinping with the goal of giving developing nations access to capital as a substitute for Western lending organizations.
Kenya becomes the fourteenth African nation to join the AIIB.
The bank gave Sh205 billion to Egypt, Rwanda, and Cote d’Ivoire, three African nations, in 2023. At the Great Hall of the People in Beijing, Ruto—who is attending the 9th Forum on China-Africa Cooperation Summit—also had discussions with President Xi Jinping.
He emphasized the effective cooperation on important infrastructure projects including the Nairobi Expressway and Standard Gauge Railway while pointing out Kenya’s strong diplomatic ties with China.
According to Ruto, Kenya’s Bottom-Up Economic Transformation Agenda (BETA), which aims to expedite development and enhance economic growth, is aligned with the AIIB membership. He was upbeat about using the AIIB alliance to advance the nation’s development goals.
