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{
"id": 1549932,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549932/?format=api",
"text_counter": 211,
"type": "speech",
"speaker_name": "Hon. Omboko Milemba",
"speaker_title": "The Temporary Speaker",
"speaker": {
"id": 13328,
"legal_name": "Jeremiah Omboko Milemba",
"slug": "jeremiah-omboko-milemba"
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"content": "Order, Hon. Members. I will rearrange the Order Paper. We will go to Order No.11 and then afterwards, we shall revert to the normal arrangement of the Order Paper. Read out Order No. 11."
},
{
"id": 1549933,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549933/?format=api",
"text_counter": 212,
"type": "heading",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "MOTION"
},
{
"id": 1549934,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549934/?format=api",
"text_counter": 213,
"type": "heading",
"speaker_name": "",
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"speaker": null,
"content": "ADOPTION OF REPORT ON THE AGREEMENT FOR THE ESTABLISHMENT OF THE AFRICA FINANCE CORPORATION"
},
{
"id": 1549935,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549935/?format=api",
"text_counter": 214,
"type": "speech",
"speaker_name": "Hon. Omboko Milemba",
"speaker_title": "The Temporary Speaker",
"speaker": {
"id": 13328,
"legal_name": "Jeremiah Omboko Milemba",
"slug": "jeremiah-omboko-milemba"
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"content": " Chair, Departmental Committee on Finance and National Planning."
},
{
"id": 1549936,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549936/?format=api",
"text_counter": 215,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. I beg to move the following Motion: THAT, this House adopts the Report of the Departmental Committee on Finance and National Planning on its consideration of the agreement for the establishment of the Africa Finance Corporation, laid on the Table of the House on Friday, 14th March 2025 and, pursuant to the provisions of section 8(4) of the Treaty Making and Ratification Act, Cap 4D, approves the ratification of the establishment of the Africa Finance Corporation. Hon. Temporary Speaker and Hon. Members, I want to present the findings of the Departmental Committee regarding the accession to the agreement for the establishment of the Africa Finance Corporation. This is a critical step in strengthening our financial and investment landscape, and I will take the next few minutes to walk you through why this really matters to the Republic of Kenya."
},
{
"id": 1549937,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549937/?format=api",
"text_counter": 216,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The Africa Finance Corporation (AFC) is a multilateral financial institution that was established in 2007 with a clear mandate to bridge Africa's infrastructure and industrialisation gaps by providing long-term financing, risk management and advisory services. Since its The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1549938,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549938/?format=api",
"text_counter": 217,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "inception, Africa Finance Corporation has invested over US$10 billion in energy, transport, natural resources and heavy industries across the Continent. What makes AFC unique is its hybrid model that combines public sector backing with private sector efficiency. It is not a donor institution. Rather, it is a commercially driven entity that invests in projects that generate returns, while creating sustainable development."
},
{
"id": 1549939,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549939/?format=api",
"text_counter": 218,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "Why should Kenya join AFC? Kenya's economy is growing, but our infrastructure financing gap remains a great challenge. To realise our national goals, whether it is Vision 2030 or our Bottom-Up Economic Transformation Agenda (BETA), we must secure sustainable and affordable financing. Acceding to AFC will provide Kenya with three capital advantages. One is the access to long-term, low-cost capital. The AFC prioritises investments in member States, meaning Kenya will gain access to cheaper and more flexible project financing. Second, it is going to lead to a stronger regional influence. The membership ensures that Kenya has a say in which projects receive AFC funding, which will allow us, as a country, to push for investments that align with our national interests. Third, there will be enhanced private sector growth. Kenyan companies, especially those in infrastructure and energy, will have a direct pathway to AFC funding. That will spur job creation and industrialisation."
},
{
"id": 1549940,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549940/?format=api",
"text_counter": 219,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "Our quick question is: What does this mean for our finances? Joining AFC requires a capital contribution, though the exact amount will be determined through negotiations. However, it is important to note that this is not a debt burden but rather, an investment in a strong financial institution that has a proven track record. The AFC operates under an international governance framework that ensures there is transparency, accountability and risk management. That structure will protect Kenya's financial interests, while ensuring that AFC remains an effective investment vehicle. Our Committee made the following three recommendations regarding accession to the agreement: 1. Parliament to ratify the agreement to formalise Kenya's membership. 2. The Government must negotiate favourable terms so that we maximise on Kenyan benefits. 3. A structured engagement with the private sector to be necessitated to ensure that Kenyan businesses fully leverage on AFC opportunities."
},
{
"id": 1549941,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1549941/?format=api",
"text_counter": 220,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The AFC is presenting to us an opportunity and not a liability. It is a platform for Kenya to tap into billions in development financing, strengthen our regional influence and accelerate our infrastructure and industrialisation goals. By saying yes to AFC, we are saying yes to progress, economic resilience and sustainable development. I urge this House to support this ratification."
}
]
}