Kenya joins Asia Infrastructure Investment Bank in quest for more funding

Kenya has joined the China-led Asia Infrastructure Investment Bank (AIIB), in search for wider sources of long-term funding from an institution that was set up to challenge the US-backed IMF and World Bank.

President William Ruto made the announcement on Tuesday after meeting officials of the multilateral lender, led by Chairman Jin Liqun, in Beijing, as Kenya--facing a weaker financial position in the wake of the withdrawal of the Finance Bill-- hunts for long-term loans.