Kenya has become the latest country to join the Asian Infrastructure Investment Bank (AIIB), the China-led financier.
The East African nation joins three African states, namely South Africa, Egypt and Ethiopia, along with a total of 86 others from six continents who have enlisted with the financial institution since it commenced operations in Jan. 2016.
Joining the AIIB is also only practical, given the lender’s rise as a global institution aimed at rivaling Bretton Woods Institutions, namely the World Bank and the International Monetary Fund.
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China has been wanting to dislodge the US Dollar as the global currency. When we Kenyans sell things to Angola or Malawi we use US Dollars to decide the price.
I think this AIIB might do the trick. Those in the know what do you think? I could be totally wrong so correct me
100 year plan…so the fact that growing up every plastic was a ‘made in China’ was meant to condition me to ‘facing east’ hadi upate inafika tu point hatuwezi #resist? lol
That was then. Siku hizi manufacturing of simple, labour intensive stuff like clothes, shoes, furniture, etc have been off-shored from China to poorer countries like Vietnam, Philippines, Bangladesh, na kadhalika.
The 3rd Yuan exchange centre will be based here in Nairobi. The other is in Singapore. It will be at the Nairobi Global Business centre in westlands currently under construction to +45 storeys commercial skyscraper. All African countries who trade or get development loans from China will get their remittances from here in yuan and pay back in Yuan not $$$.