Posted on :Saturday , 5th May 2018
Kenya’s application to be inducted in the China-led Asian Infrastructure Investment Bank (AIIB) has been accepted, creating a big financial boon for the developing nation. It will be a cheaper solution for Nairobi’s financing needs with regards to infrastructure. AIIB’s Vice President and Corporate Secretary Sir Danny Alexander commented in a statement, "We're very happy to welcome Papua New Guinea and Kenya as prospective members of AIIB," with the addition of these two countries the bank has now 86 members in its union.
Starting its business in 2016, the concept of the multilateral development bank was first proposed by Chinese President Xi Jinping in 2013.The bank supports funding for construction of roads, railway lines, ports and energy as well as rural infrastructure, mainly in Asia.
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