Kenya formally joins Asian Infrastructure Investment Bank as fully paid member

Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.

Announcing this on Tuesday, President William Ruto said the membership will enable the country to access concessional funding for several programmes.

This includes infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes.

The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation.

President Ruto spoke after meeting with AIIB President and Board of Directors Chairman Jin Liqun, and other officials at the bank's headquarters in Beijing, China.

The AIIB's mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core.

It began operations in Beijing in 2016 and is AAA-rated by the major international credit rating agencies.

AAA' ratings denote the lowest expectation of credit risk. 

"Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity," a statement by AIIB reads.

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 to direct 50 per cent of approved financing to climate-related initiatives by 2025.

It also focuses on projects ranging from roads and railways to airports, energy pipelines, port and telecom networks.

The Asian Infrastructure Investment Bank is devising innovative solutions to attract private capital in collaboration with other MDBs and partners, including co-financing arrangements.