Kenya has officially become a fully paid member of the Asian Infrastructure Investment Bank (AIIB). This significant development means that Kenya has met all the financial obligations required for membership, including the payment of the necessary fees.
President William Ruto announced this during his visit to China on Tuesday, September 3, stating that the Kenyan government plans to use this membership to secure funding for infrastructure, climate change initiatives, connectivity projects, and technological advancements.
“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 programs,” President Ruto stated.
Implications for Kenya
The AIIB is a multilateral development institution with 109 members and a capitalization of $100 billion. President Ruto emphasized that this membership will allow Kenya to finance large-scale infrastructure projects that are crucial for the country’s development but may be challenging to fund through other means.
With AIIB's focus on infrastructure investment, Kenya can now access funding for vital projects such as roads, bridges, ports, and energy facilities. This is expected to spur economic growth and lower the cost of doing business in the country.
The formalization of Kenya’s membership took place during a meeting between President Ruto and AIIB President and Chairman of the Board of Directors, Jin Liqun, at the bank’s headquarters in Beijing, China.
Additional Agreements with China
While in China, President Ruto also engaged in discussions with President Xi Jinping at the Great Hall of the People in Beijing ahead of the Forum on China-Africa Cooperation (FOCAC) summit. The talks led to an agreement allowing Kenyan agricultural products access to the Chinese market.
“We also agreed to discuss regional infrastructure projects such as the expansion of SGR and the Rironi-Mau Summit-Malaba dual carriageway. The Forum on China-Africa Cooperation (FOCAC) underpins the Kenya-China strategic partnership that provides a platform to explore opportunities for a people-centered, mutually beneficial relationship between our two countries,” Ruto stated.
Additionally, Ruto highlighted Kenya’s efforts to strengthen its partnership with Congo-Brazzaville, focusing on trade, investment, and regional security to deliver tangible benefits for the citizens of both countries.