Kenya Seals Historic Deal In China, Officially Joins Asian Infrastructure Investment Bank
- President William Ruto announced Kenya as a member of the Asian Infrastructure Investment Bank on Tuesday
- The head of state said the membership will enable Kenya to access concessional funding for infrastructure and climate change efforts
- Ruto revealed that the purpose of his tour to the Asian country was to sign multi-billion shilling deals, including funding for stalled road projects
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Kenya has officially joined the Asian Infrastructure Investment Bank as a fully paid member.
This was announced by President William Ruto on Tuesday, September 3, during his visit to China.
Ruto explained that the membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes.
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"Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member. The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion (KSh 12.8 trillion) capitalisation," Ruto wrote on his X handle.
What to know about Ruto's visit to China
Ruto is in China for a three-day Forum on China-Africa Cooperation (FOCAC) summit, which kicks off on Wednesday, September 4.
Speaking in Siaya on Friday, August 30, Ruto revealed that the purpose of his tour to the Asian country was to sign multi-billion shilling deals.
After his arrival on Monday, Ruto met with President Xi Jinping and other Chinese officials on Tuesday, September 3.
Ruto hinted that the Asian country would fund the Rironi-Mau Summit-Malaba dual carriage and the Standard Gauge Railway (SGR) extension to Western Kenya.
Why Ruto's govt borrowed KSh 40 billion from China
Ruto's administration borrowed KSh 40 billion from China to revive stalled projects countrywide amid taxpayer concerns that many projects had been put on hold.
The funds are expected to fund road projects in 15 counties and spill over to other counties where the roads stretch.
Some of the stalled road projects in the country include the 64.5-kilometer Metembe-Owalo-Rioma-Marani-Ng'enyi/Ting'a-Bobaracho-Ragogo-Kegogi-Nyakoora-Rioma-Gesieka-Nyaore-Mararo road.
The other is the 75.92-kilometer Kaiboi-Kapkatembu-Kipkaren Selia-Kaiboi road in Nandi, Maili Nne-Tuiyo, and Soko-Tuiyo-Aturei.
Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.
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President William Ruto and his delegation in China.
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