President William Ruto has announced that Kenya has officially joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member. This significant development was confirmed following his meeting with AIIB President Jin Liqun at the bank’s headquarters in Beijing. The new membership opens avenues for Kenya to access concessional funding for a range of development initiatives.
The accession to AIIB will enable Kenya to secure funding for crucial projects in infrastructure, climate change, connectivity, regional cooperation, and technology. This move is expected to enhance the country’s ability to undertake significant development programs and drive sustainable growth.
President Ruto highlighted that AIIB, with its 109 members and $100 billion capitalization, will provide Kenya with valuable financial resources to support its development agenda. The membership aligns with Kenya’s ongoing efforts to advance its infrastructure and technological capabilities.
During his visit to China, which includes participation in the 9th Forum on China-Africa Cooperation (FOCAC) Summit, President Ruto met with Chinese President Xi Jinping. The discussions underscored the strong diplomatic and developmental partnership between Kenya and China, marked by transformative infrastructure projects like the Standard Gauge Railway and the Nairobi Expressway.
Ruto emphasized that these collaborations with China have significantly enhanced Kenya’s transport and infrastructure landscape, positioning the country as a key transport hub in East Africa. The partnership continues to be instrumental in Kenya’s development journey.
The FOCAC Summit, commencing on September 4, 2024, will further explore opportunities to deepen the relationship between Kenya and China, focusing on mutual benefits and people-centered development initiatives.
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