Kenya has formally joined the multilateral Asian Infrastructure Investment Bank (AIIB) as a fully paid member, which will see it access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes.
- The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation.
- President Ruto disclosed the development on Tuesday as he met AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China.
- The president is in China for the Forum on China-Africa Cooperation Summit (FOCAC).
During talks with President Xi Jinping, China agreed to give Kenya’s agricultural produce 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,” he said.
Headquartered in Beijing, the AIIB is one of the largest multilateral institutions in the world. Founded in 2015, it now counts among its members from continent Algeria, Benin, Egypt, Ethiopia, Rwanda and South Africa. It has a capital stock base of US $100 billion, with shares allocated depending on economic size and whether they are from Asia or not.
