Kenya Among Five African Nations to Join European Bank for Reconstruction and Development

NAIROBI, Kenya—The National Assembly has overwhelmingly supported a motion to ratify the agreement establishing the European Bank for Reconstruction and Development (EBRD) in a major step towards boosting infrastructure and economic growth

The move positions Kenya as the fifth African country, alongside Benin, Côte d’Ivoire, Ghana, Nigeria, and Senegal, to become a member and shareholder of the bank.

With this membership, Kenya is set to access more affordable credit, particularly for infrastructure and micro, small, and medium enterprises (MSMEs), reducing pressure on local borrowing.

National Assembly’s Departmental Committee on Finance and National Planning Chairperson Kimani Kuria led the motion, emphasizing the benefits of international financial collaboration.

“Kenya has identified another important stakeholder bank called the European Bank for Reconstruction and Development. I beg to move that this House adopts the report of the Departmental Committee on Finance and National Planning on the consideration of the agreement establishing the European Bank for Construction and Development,” Kuria told the House.

He added that the membership will allow Kenya to secure cheaper loans for development projects without crowding out domestic borrowers.

Notably, the EBRD will establish its African headquarters in Nairobi, a development that MPs hailed as a game changer.

Lawmakers said this move would enhance Kenya’s visibility on the global financial map and unlock long-term benefits for the country’s economy.

With this ratification, parliament contends Kenya cements its place as a rising financial hub in the region.