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Kenya set to join World Bank’s competitor, AIIB headed by China

Faith Chandianya by Faith Chandianya
January 16, 2024
in News
Reading Time: 2 mins read

President William Ruto’s administration has formally endorsed the decision for Kenya to become a member of the Asian Infrastructure Investment Bank (AIIB), which is headed by China.

The AIIB is widely recognized as a competitor to the World Bank. While the idea of joining AIIB had been proposed in previous memoranda, its approval was ultimately confirmed during the meeting led by the Head of State.

Should Kenya ratify its membership, it will become the newest addition to the bank, aligning itself with 109 other nations already divided into two segments: 94 full members and 15 prospective members.

AIIB, which was founded in 2016, has endorsed 252 projects, disbursing Ksh8 trillion (USD50.47 billion) to date. With its headquarters situated in Beijing, China maintains a leading ownership stake of 26.61%, trailed by India at 7.6%, Russia at 6.01%, and Germany at 4.2%.

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In September of the previous year, the AIIB expanded its membership to include El Salvador, the Solomon Islands, and Tanzania. Presently, these members collectively represent 81% of the global population and contribute to 65% of the world’s gross domestic product.

President William Ruto’s administration’s relationship with China has grown since he took office in September 2022, despite being one of its biggest critics.

However, in November 2023, Ruto emerged as a major recipient of World Bank loans, securing approval for a substantial Ksh1.8 trillion loan.

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