President William Ruto and Asian Investment Bank President Jin Liqun. Photo: PCS
President William Ruto has announced that Kenya has joined Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
On Tuesday September 3, 2024 Ruto met with AIIB President and Board of Directors Chairman Jin Liqun in Beijing.
Ruto said the membership will enable the country to get concessional funding for its projects including on climate change, infrastructure, and technology projects.
“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,” President Ruto wrote on his X post.
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The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation.
The investment bank is helping members with funding for development projects on climate change, technology and infrastructure. It has member across the world with close to 10 countries being members of the bank.
Some African countries which are members of AIIB include Egypt, Ethiopia, Madagascar. Others who have been approved to join include Djibouti, Guinea, Ivory Coast, Rwanda and Tunisia.
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