Kenya has officially joined the multilateral development and international financial Institution Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
President Ruto sealed the AIIB membership after a meeting with the bank’s officials including AIIB president Jin Liqun at their headquarters in Beijing, China.
“The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled projects and programs,” noted Ruto in a statement on Tuesday.
Asian Infrastructure Investment Bank is a multilateral development institution with a total membership of 109 countries and a $100 billion capitalization.
Kenya joins other members from the continent including Egypt, Guinea, Algeria, Ghana, Ethiopia, Sudan, Rwanda, and South Africa.
The bank offers sovereign and nonsovereign loans for sustainable projects in productive sectors.
Key focus areas of its investment include rural infrastructure, telecommunication and transportation, agricultural development, energy and power, environment protection, logistics and urban development, and water supply and sanitation.
The Kenyan president is attending the China-Africa summit where he seeks to secure the cheaper concessional financing for major infrastructure in the country.
Read more: Kenya inflation rate increases to 4.4% in August 2024
Also, President Ruto held discussions about key projects with the officials of the China Communication Construction Company. Some projects on the table of discussion included the Galana-Kulalu Irrigation Project, SGR expansion, and Rironi-Mau Summit-Malaba dual carriageway.
“The huge infrastructure demand in Africa calls for stronger collaboration with the private sector to unlock the continent’s potential in mineral resources, renewable energy, and agriculture,” Ruto noted.
