Kenya has officially joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
According to a statement issued by President William Ruto on his Twitter account, this membership will provide Kenya with access to concessional funding for a range of projects, including infrastructure development, climate change initiatives, connectivity, regional cooperation, and technology-enabled programs.
The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and a capitalization of $100 billion. It was established to provide financial support for sustainable infrastructure and other productive sectors in Asia and beyond.
Kenya’s inclusion in the AIIB is expected to bolster its efforts in these areas, enhancing the country’s economic growth and development.
During his visit to China to attend the Forum on China-Africa Co-operation Summit, (FOCAC),President Ruto met with AIIB President and Board of Directors Chairman Jin Liqun, as well as other bank officials at the AIIB headquarters in Beijing.
These meetings focused on discussing the potential for further bilateral ties between Kenya and China, aiming to strengthen cooperation in various sectors, including trade, investment, and infrastructure.
The partnership is seen as a significant step toward deepening Kenya’s integration into the global economy and enhancing its strategic relations with Asian economies.