NAIROBI, Kenya Sept 3 – President William Ruto has announced that Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
Speaking after meeting AIIB President and Board of Directors Chairman Jin Liqun at the bank’s headquarters in Beijing, China, Ruto said that the membership will enable Kenya to access concessional funding for various development projects.
Ruto noted that this will help the government access funding capital for infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled 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,” he stated.
The President added, “The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation.”
The head of state jetted out of the country on Sunday for an official visit to China to attend the 9th Forum on China-Africa Cooperation (FOCAC) Summit hosted by Chinese President Xi Jinping.
Ruto, who held talks with President Xi Jinping at the Great Hall of the People in Beijing, ahead of the summit, noted that Kenya and China share excellent and cordial diplomatic relations that have greatly benefited the two countries.
He stated that the country boasts key infrastructure projects through partnerships with the Chinese government, which have transformed the nation’s railway, road, and port infrastructure, making Kenya a transport hub in the East Africa region and across the continent.
“This partnership is marked by practical and demonstrable infrastructure projects such as the Standard Gauge Railway, Kipevu Terminal in Mombasa and Nairobi Expressway, among others. Over the years, China has proven to be a true development partner, significantly revamping our infrastructure. We look forward to leveraging these ties to accelerate our transformation,” he said.
The Forum, set to start on September 4, 2024, aims to provide a platform that will explore opportunities for a people-centered, mutually beneficial relationship between the two nations.
