Kenya has officially joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid-up member, enabling the country to access concessional funding for key development programs.
Kenya presented documents of ratification and ascension on Tuesday at the bank's headquarters in the presence of President William Ruto.
“Kenya is very proud of joining a family of very distinguished members,” the head of state said.
“We are looking forward to engagements with the bank for the development of infrastructure and improvement of the welfare of our citizens.”
Ruto highlighted infrastructure, climate change efforts, connectivity, regional cooperation, and technology-enabled projects and programs as financing opportunities.
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He 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 directing 50 percent of approved financing to climate-related initiatives by 2025. It also focuses on projects ranging from roads and railways to airports, energy pipelines, ports, and telecom networks.
