BEIJING (China), Sept 4 (NNN-KBC) — President William Ruto emphasized the strong diplomatic relations between Kenya and China, describing the ties as “excellent and cordial,” with mutual benefits that have significantly transformed Kenya’s railway, road, and port infrastructure.
He noted that the partnership has deepened people-to-people exchanges between the two nations.
Speaking about the results of this bilateral cooperation, Ruto highlighted the construction of key infrastructure projects such as the Mombasa-Naivasha Standard Gauge Railway, the Nairobi Expressway, and various rural roads.
These developments, he said, have opened up the country, positioning Kenya as a major transport hub not just in Eastern Africa but across the continent.
The President also recounted his recent meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing, ahead of the Forum on China-Africa Cooperation (FOCAC) summit.
During their discussions, Xi agreed to open the Chinese market to Kenya’s agricultural produce, which Ruto said was a major boost to Kenya’s export opportunities.
The two leaders also agreed to pursue further regional infrastructure projects, including the expansion of the Standard Gauge Railway and the construction of the Rironi-Mau Summit-Malaba dual carriageway, which would enhance trade and connectivity in the region.
Meanwhile, Kenya has formally joined the world’s second largest multilateral development lender, the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.
President William Ruto made the announcement when he visited the bank’s headquarters in Beijing where Kenya signed the agreement.
Kenya is now part of 13 countries which have joined formally joined AIIB where Kenya targets to tap its capital to undertake various projects.
“The membership will enable Kenya to access concessional funding for infrastructure, climate change efforts, connectivity, regional cooperation and technology-enabled projects and programmes,” said president Ruto.
As at the end of the first half of the year to June 30, 2024, AIIB has total assets amounting to $60 billion and members total equity amounting to $21.9 billion.
During the period, the bank’s total paid in capital stood at $19.4 billion.
“The Asian Infrastructure Investment Bank is a multilateral development institution with 109 members and $100 billion capitalisation,” added President Ruto who is currently attending the Forum on China-Africa Cooperation which ends this Friday.
The President also meet AIIB President and Board of Directors Chairman Jin Liqun and other officials at the bank’s headquarters in Beijing, China. — NNN-KBC
