NAIROBI, Kenya, July 1 — Kenya is about to turn into a member of the European Bank for Reconstruction and Development (EBRD) following unanimous approval by the National Assembly, marking a big step within the nation’s push for enhanced infrastructure growth and financial development.
The ratification positions Kenya because the sixth African nation—after Benin, Côte d’Ivoire, Ghana, Nigeria, and Senegal—to affix the multilateral lender as a shareholder.
Membership within the EBRD is predicted to provide Kenya entry to concessional financing, particularly for infrastructure initiatives and help for micro, small, and medium enterprises (MSMEs), easing reliance on expensive home borrowing.
Chairperson of the National Assembly’s Departmental Committee on Finance and National Planning, Kimani Kuria, who tabled the movement, emphasised the strategic worth of the partnership.
“Kenya has recognized one other necessary stakeholder financial institution referred to as the European Bank for Reconstruction and Development,” Kuria mentioned in the course of the session. “This membership will allow us to entry cheaper loans for growth with out crowding out native debtors.”
The EBRD additionally plans to determine its African regional headquarters in Nairobi—an announcement hailed by MPs as a turning level that may improve Kenya’s international monetary stature.
Lawmakers mentioned the event underscores Kenya’s rising function as a regional monetary hub and is poised to ship long-term financial advantages by means of elevated funding, visibility, and affect in international monetary decision-making.
