Kenya is about to join one of the world’s biggest development banks, European Bank for Reconstruction and Development (EBRD), after MPs gave the move a nod in Parliament.

This puts Kenya on track to become the sixth African country to become a shareholder in the global lender, joining Ghana, Nigeria, Benin, Côte d’Ivoire, as well as Senegal.

Joining EBRD means access to cheaper loans and more investment for Kenya, especially in areas like:

• Infrastructure development

• Support for small businesses (MSMEs)

• Renewable energy and climate-smart projects

This comes as Kenya is working to reduce expensive domestic borrowing and the new deal could help ease the pressure on public finances and speed up long-term development projects.

In a major bonus, EBRD has selected Nairobi as its African regional headquarters, a move that MPs and experts say will raise Kenya’s status as a financial powerhouse in Africa.

“This will not only allow Kenya to tap into concessional loans but also avoid competing with local investors for resources,” said National Assembly’s Finance Committee Chair Kuria Kimani.

This new collaboration between Kenya and EBRD is expected to:

• Bring in more foreign investment

• Create job opportunities through new projects

• Strengthen Kenya’s influence in global financial matters

• Boost the country's efforts toward Vision 2030

In short, joining the EBRD could mean more funding, more jobs, and faster progress, all while keeping debt more manageable.

Kenya is now readying to formalize its membership and to unlock the full benefits of the partnership to boost its economy, attract global investments, and strengthen its voice on the world stage.