Kenya has officially become a full-fledged member of the Asian Infrastructure Investment Bank (AIIB) after successfully meeting all its financial commitments, including the necessary membership fees. This milestone marks Kenya’s integration into the multilateral development institution.
The announcement was made on September 3, following a meeting between President William Ruto and AIIB President and Chairman of the Board of Directors, Jin Liqun, at the bank’s headquarters in Beijing, China.
President Ruto emphasized the numerous benefits that Kenya stands to gain from this membership. He noted that the government plans to tap into AIIB funding to support key projects in infrastructure, climate change, connectivity, and technology.
“This membership will allow Kenya to access concessional funding for infrastructure, climate change initiatives, regional cooperation, and technology-driven projects,” Ruto stated.
Membership Benefits
As an AIIB member, Kenya now has access to a development institution with 109 member countries and a capitalization of $100 billion. This membership unlocks opportunities for financing large-scale infrastructure projects that are crucial for Kenya’s development but may be challenging to fund through other avenues.
Given AIIB’s focus on infrastructure investment, Kenya can now secure funding for critical projects such as roads, bridges, ports, and energy facilities. These investments are anticipated to stimulate economic growth and lower the cost of doing business in the country.
In addition to his meeting with the AIIB leadership, President Ruto also engaged in 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 open the Chinese market to Kenyan agricultural products. President Ruto also mentioned that they deliberated on regional infrastructure projects, including the expansion of the Standard Gauge Railway (SGR) and the Rironi-Mau Summit-Malaba dual carriageway.
Furthermore, Ruto underscored the significance of FOCAC in enhancing the strategic partnership between Kenya and China. He highlighted the opportunities it offers for a mutually beneficial relationship and reiterated Kenya’s commitment to deepening its partnership with Congo-Brazzaville, focusing on trade, investment, and regional security to deliver tangible benefits to citizens.
