Kenya has officially become a fully paid member of the Asian Infrastructure Investment Bank (AIIB), securing its place in the multilateral development institution by fulfilling all financial obligations, including the required membership fees.
The announcement came on September 3, following a meeting between President William Ruto and AIIB President and Board of Directors Chairman Jin Liqun at the bank’s headquarters in Beijing, China.
President Ruto highlighted the significant benefits that this membership will bring to Kenya. He explained that the government intends to leverage AIIB funding to support critical projects in infrastructure, climate change initiatives, connectivity, and technology.
“The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, regional cooperation, and technology-enabled projects,” Ruto stated.
Membership Benefits
As a member of AIIB, Kenya now has access to a development institution with 109 members and a capitalization of $100 billion. This membership opens the door to financing large-scale infrastructure projects that are vital for the country’s growth but may be difficult to fund through other means.
AIIB’s focus on infrastructure investment means that Kenya can now secure funding for essential projects such as roads, bridges, ports, and energy facilities. These investments are expected to stimulate economic growth and reduce the cost of doing business in the country.
Elsewhere, President Ruto held talks with Chinese President Xi Jinping at the Great Hall of the People in Beijing, ahead of the Forum on China-Africa Cooperation (FOCAC) summit.
During their discussions, President Xi agreed to grant access for Kenya’s agricultural produce to the Chinese market. Ruto also noted that they discussed regional infrastructure projects, including the expansion of the Standard Gauge Railway (SGR) and the Rironi-Mau Summit-Malaba dual carriageway.
Furthermore, Ruto emphasized the importance of FOCAC in strengthening the strategic partnership between Kenya and China, highlighting the opportunities it provides for a mutually beneficial relationship. He also mentioned Kenya’s commitment to deepening its partnership with Congo-Brazzaville, focusing on trade, investment, and regional security to deliver tangible benefits for citizens.
