President William Ruto has signed a deal for Kenya to join the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
In a statement on Tuesday, September 3 after inking the deal with the bank, President Ruto said Kenya will now access concessional funding for key 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,” said President Ruto.
The signing of the agreement was witnessed by AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank's headquarters in Beijing, China.
Ruto was accompanied by Prime CS Musalia Mudavadi, Treasury CS John Mbadi, Education CS Julius Ogamba, Transport CS Davis Chirchir, and Treasury PS Chris Kiptoo.
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The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion ( Ksh.12.8 trillion ) capitalization.
It was launched in 2016 to collectively improve economic and social outcomes in Asia and other parts of the world.
AIIB is the world's second-largest multi-lateral development institution and is AAA-rated by the major international credit rating agencies.
Kenya now joins 13 other African Countries that are members of the Asian Infrastructure Investment Bank
President Ruto is on an official visit to China and is set to attend the 9th Forum on China-Africa Cooperation (FOCAC) Summit.
He jetted out of the country on Sunday night and was accompanied by First Lady Rachel Ruto, Azimio leader Raila Odinga, and other government officials.
