Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid up member.
On the day Kenya presented documents of ratification and ascension on Tuesday, President William Ruto was at the bank’s headquarters and said the membership will enable the country to access concessional funding for key development programmes.
“Kenya is very proud of joining a family of very distinguished members,” he said. “We are looking forward to engagements with the bank for development of infrastructure and improvement of the welfare of our citizens.”
He cited infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes as the opportunities for financing.
The President made the remarks during a meeting with AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China
The bank is a multilateral development institution with 109 members and $100 billion capitalisation.
The institution supports climate change efforts and helps members achieve their environmental and development goals, aligning with the United Nations Sustainable Development Goals and the Paris Agreement.
The bank targets to direct 50 per cent of approved financing to climate-related initiatives by 2025. It also focuses on projects ranging from roads and railways to airports, energy pipelines, port and telecom networks.
The Asian Infrastructure Investment Bank is devising innovative solutions to attract private capital in collaboration with other MDBs and partners, including co-financing arrangements.
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