Kenya has officially joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
This means that Kenya has fulfilled all the financial obligations required to become a member of the bank, wich typically involves paying a specified amount of membership fees to the bank.
President William Ruto made the announcement during his visit to China on Tuesday, September 3, explaining that the government now plans to finance infrastructure, climate change efforts, connectivity, and other tech 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 programs,” stated Ruto. 
Also Read: Boniface Mwangi Appears at JKIA During Ruto’s Departure to China
What this Means for Kenya
According to the Head of State, the Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalization.
Further, he stated that the move will be of benefit for financing large-scale infrastructure projects that are important for the country’s development but might be difficult to fund through other means.
AIIB majorly focuses on infrastructure investment, meaning that Kenya can now secure funding for roads, bridges, ports, and energy facilities.
Ultimately, this is expected to boost economic growth and reducing the costs of doing business in the country.
The officiation was done while Ruto met AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China.
Also Read: China or U.S- Ruto Answers Question on Kenya’s Direction After State Visit
Other Deals Ruto has Made in China
On the other hand, Ruto held talks with President Xi Jinping at the Great Hall of the People in Beijing, China, ahead of the Forum on China Africa Cooperation (FOCAC) summit.
During the meeting, President Xi agreed to give Kenya’s agricultural produce access to the Chinese market.
“We also agreed to discuss regional infrastructure projects such as the expansion of SGR, and the Rironi-Mau Summit-Malaba dual carriageway.
“The Forum on China Africa Cooperation (FOCAC) underpins Kenya-China strategic partnership that provides a platform to explore opportunities for a people-centred mutually beneficial relationship between our two countries,” stated Ruto.
Ruto also said that Kenya is strengthening its partnership with Congo-Brazaville to ensure it delivers tangible benefits for our citizens, with a clear focus on trade, investment and regional security.
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