NAIROBI, Kenya — Kenya has officially joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid-up member In a move to enhance its development agenda.
The announcement was made by President William Ruto on Tuesday, marking a new chapter in Kenya’s quest for infrastructure development and sustainable growth.
President Ruto highlighted that membership in the AIIB will allow Kenya to access concessional funding for a range of critical projects.
These include initiatives aimed at improving infrastructure, combating climate change, enhancing regional connectivity, and advancing technology-enabled projects.
“Our partnership with AIIB will provide Kenya with the necessary financial tools to drive our development agenda forward,” Ruto stated during the announcement.
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The Asian Infrastructure Investment Bank, a multilateral development institution headquartered in Beijing, China, was established to finance infrastructure for the future with sustainability at its core.
Since commencing operations in 2016, the AIIB has grown to include 109 members and boasts a capital base of $100 billion.
The bank’s commitment to green, technology-enabled infrastructure aligns with Kenya’s vision of a sustainable and inclusive future.
President Ruto’s remarks came following a meeting with AIIB President and Chairman of the Board of Directors, Jin Liqun, at the bank’s headquarters in Beijing.
Also present at the meeting were Prime Cabinet Secretary Musalia Mudavadi and Treasury Cabinet Secretary John Mbadi.
The discussions underscored the mutual commitment to leveraging AIIB’s resources for the benefit of Kenya’s development projects.
“AIIB’s mission is to finance infrastructure projects that are sustainable and future-oriented,” Jin Liqun noted. “By collaborating with our partners, we aim to unlock new capital flows and invest in projects that will drive economic growth and regional integration.”
Kenya’s membership in the AIIB is seen as a strategic move to tap into the bank’s financial strength and global network.
AIIB’s AAA credit rating from major international rating agencies underscores its credibility and financial stability, offering Kenya an opportunity to secure funding on favorable terms.
The AIIB’s statement emphasized its commitment to sustainability, stating, “Our focus is on infrastructure that is green, technology-enabled, and promotes regional connectivity. By working with our members, we are unlocking new capital to meet the infrastructure needs of tomorrow.”
Kenya’s accession to the AIIB is expected to open up new avenues for investment and development, bolstering the country’s efforts to build a resilient and sustainable economy.
