By Ronny Thiong’o
Kenya has formally become a fully paid member of the Asian Infrastructure Investment Bank (AIIB), marking a significant milestone in the country’s development journey.
According to President William Ruto who met Met AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China, the membership opens up new avenues for Kenya to access concessional funding for a variety of critical sectors, including infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled projects and programs.
“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 programmes,” stated President Ruto.
The AIIB is a multilateral development institution with a capital base of $100 billion and a diverse membership of 109 countries.
It is dedicated to fostering sustainable economic development, creating wealth, and improving infrastructure connectivity in Asia and beyond. Kenya’s accession to the AIIB reflects its strategic move to diversify sources of development finance and deepen its engagement with global financial institutions.
With this membership, Kenya is poised to benefit from AIIB’s broad funding options for sustainable infrastructure projects, focusing on areas such as transportation, energy, water, and digital infrastructure.
Additionally, the membership aligns with Kenya’s development blueprint, which emphasizes regional cooperation and the adoption of climate-resilient projects to combat the challenges posed by climate change.
By joining the AIIB, Kenya aims to foster closer cooperation with Asian economies and other member countries, explore opportunities for joint ventures, and attract investment in critical sectors that will drive growth and development.
The move is expected to bolster Kenya’s position as a key player in the global economic landscape and enhance its capacity to implement large-scale infrastructure and technology projects that are crucial for its future growth.
Kenya’s membership in the AIIB represents a promising partnership that will enhance the country’s development financing options, build robust infrastructure, and support Kenya’s sustainable development goals.