This is after his
Cabinet certified the decision for Kenya to join the Asian Infrastructure
Investment Bank (AIIB), widely considered as a rival to the World Bank.
Initially, memoranda
to join AIIB had been floated but were finally approved during the Cabinet meeting
the Head of State held at the State House.
If ratified, Kenya
will join 109 other countries that are already members of the bank split into
two categories, 94 full members and 15 prospective members.
The bank fashions
itself as a financier for infrastructure projects and other productive sectors
to foster sustainable economic development, create wealth, and improve
infrastructure connectivity.
"We adapt and innovate
constantly to deliver customized investment solutions that overcome the
challenges our clients face. They count on our resilience to help them meet
their objectives even during the most difficult times," reads a
description on its website.
Launched in 2016, the
bank has so far approved 252 projects with Ksh8 trillion (USD50.47 billion)
already disseminated.
The bank is
headquartered in Beijing and China holds a majority stake at 26.61 per cent
followed by India (7.6 per cent), Russia (6.01 per cent), and Germany (4.2 per
cent).
In September last year, the AIIB admitted additional members, including El
Salvador, Solomon Islands, and Tanzania.
The members now
account for 81 per cent of the world’s population and 65 per cent of the global
gross domestic product.
To join, the applicant
is expected to complete the required domestic processes and deposit the first
capital installment with the bank.
Ruto's
administration's relationship with China has grown since he took over the reins
in September 2022 despite being one of its biggest critics.
The Kenyan DAILY POST
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