Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member, an institution that is challenging the Bretton Woods Institutions [IMF and World Bank] dominance.
President William made the announcement from Beijing, China, where he has joined other African leaders for the Forum on China–Africa Cooperation 2024.
“The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes,” President Ruto said on X.
Leading a delation consisting of Treasury CSs John Mbadi, Musalia Mudavadi (Foreign and Diaspora Affairs) Julius Ogamba (Education), Davis Chirchir (Infrastructure) and Chris Kiptoo (Treasury), the President also met AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters.
AIIB Board of Governors in May 2018 adopted resolutions approving Kenya to join the Bank as a non-regional alongside Papua New Guinea.
The full membership was to be effected after completing the required domestic processes and depositing the first instalment of capital with the Bank.
In January 2024, the Cabinet approved the memoranda to join the Asian bank.
“As part of the administration’s agenda on enhancing regional cooperation and connectivity through the green economy, the meeting considered and approved Kenya’s subscription to the membership of the Asian Infrastructure Investment Bank. The bank seeks to foster regional cooperation and connectivity by financing sustainable and green infrastructure,” the Cabinet memo read in part.
As of May 15, 2024, the approved AIIB membership was 109, with 48 regional members, 48 non-regional members and 13 prospective.
Headquartered in Beijing, AIIB was launched in January 2016 on Chinese initiative, and it holds about 27% of the bank’s voting shares. India is the next-largest shareholder with less than 8% of voting power.
The bank chairman is Jin Liqun z– serving for the second term since January 2021 – a career civil servant who spent nearly two decades at the Chinese Ministry of Finance, reaching the rank of Vice Minister.
