Kenya formally joins Asia’s multilateral lender, AIIB

 

Kenya joins world’s second largest multilateral development lender, the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.

Kenya has formally joined the world’s second largest multilateral development lender, the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.

President William Ruto made the announcement when he visited the bank’s headquarters in Beijing China where Kenya signed the agreement.

Kenya is now part of 13 countries which have joined formally joined AIIB where Kenya targets to tap its capital to undertake various projects.

“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.

As at the end of the first half of the year to June 30, 2024, AIIB
hat total assets amounting to $60 billion and members total equity amounting to $21.9 billion.

During the period, the bank’s total paid in capital stood at $19.4 billion.

“The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation,” added President Ruto who is currently attending the Forum on China-Africa Cooperation which ends this Friday.

The President also meet AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China.

By Ronald Owili