Kenya has officially become a fully paid member of the Asian Infrastructure Investment Bank (AIIB), a significant development announced by President William Ruto on Tuesday.
This new membership is set to open doors for Kenya to access concessional funding for a range of critical projects, including those focused on infrastructure development, climate change mitigation, enhanced connectivity, regional cooperation, and technology-driven initiatives.
The AIIB, established in Beijing in 2016, is a multilateral development bank with a capital base of $100 billion and 109 member countries.
Its core mission is to finance infrastructure projects with an emphasis on sustainability and innovation, aiming to foster economic growth and regional integration across Asia and beyond.
The bank is highly rated, holding an AAA credit rating from major international credit rating agencies, which signifies minimal credit risk.
President Ruto’s announcement followed a meeting with AIIB President Jin Liqun and the Board of Directors Chairman at the bank’s headquarters in Beijing.
The discussions highlighted the bank’s commitment to supporting infrastructure projects that are not only technologically advanced but also environmentally sustainable.
AIIB’s focus on “Financing Infrastructure for Tomorrow” aligns with its goal to support infrastructure that integrates green technologies and enhances regional connectivity.
The bank’s investment strategy aims to unlock new capital and address the diverse needs of its clients by promoting sustainable development and technological advancement in infrastructure projects.
Kenya’s entry into the AIIB as a fully paid member marks a significant step in its efforts to secure international funding and support for its developmental goals.
The membership will facilitate Kenya’s access to vital resources and expertise to drive forward its infrastructure projects and address challenges related to climate change and regional cooperation.
