Kenya formally joins Asian Infrastructure Investment Bank

President William Ruto has announced Kenya's formal entry into the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.

During a meeting with AIIB President and Chairman of the Board Jin Liqun at the bank's headquarters in Beijing, China, Ruto stated that this membership would allow Kenya to access concessional funding for a variety of development projects.

Ruto emphasised that the funding from AIIB would support the government in financing key initiatives related to infrastructure, climate change, connectivity, regional cooperation, and technology-driven projects.

"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 programmes," he said.

The President highlighted that the AIIB is a multilateral development institution with 109 members and a capitalisation of Sh12 trillion ($100 billion).

Treasury and Foreign Affairs CSs John Mbadi and Musalia Mudavadi witness President William Ruto ratify Kenya's agreement with AIIB to join the bank as a fully paid member on Tuesday, August 3, 2024. (Photo: PCS)

Ruto's announcement came during his official visit to China, where he attended the 9th Forum on China-Africa Cooperation (FOCAC) Summit, hosted by Chinese President Xi Jinping.

In his meeting with President Xi at the Great Hall of the People in Beijing, Ruto noted the strong diplomatic ties between Kenya and China, which have yielded significant benefits for both nations.

He praised the partnership with China, which has resulted in key infrastructure projects that have transformed Kenya's transportation landscape, including the Standard Gauge Railway, Kipevu Terminal in Mombasa, and the Nairobi Expressway.

'Over the years, China has proven to be a true development partner, significantly revamping our infrastructure. We look forward to leveraging these ties to accelerate our transformation," Ruto added.

The Forum, beginning on September 4, 2024, aims to explore opportunities for fostering a mutually beneficial, people-centred relationship between the two nations.