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{
    "id": 1026686,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1026686/?format=api",
    "text_counter": 402,
    "type": "speech",
    "speaker_name": "Seme, ODM",
    "speaker_title": "Hon. (Dr.) James Nyikal",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "The money that comes to the hands of these businesses is never repatriated like the money for the big international companies. So, we are putting money into the hands of our people at an interest that they can afford and where they cannot afford collateral, they are actually supported. These are actually the businesses that compete with multinationals. I will give you an example of the oil industry where multinationals are literally pushing out small micro-businesses. The multinationals want to sell to the small industries at their pump prices. Of course, it means they cannot make any profit. So, this scheme will support the right people. I support this Bill because it has three very important clauses. Clause 2 defines who the medium enterprises are. I do not want to repeat that because it has been said. It is clearly defined. The micro and small enterprises are defined in the Micro and Small Enterprises Act. It is clear who we are dealing with right from the beginning. That is important in this Bill. The other important clause is Clause 4(8). This gives the CS the authority to put in place regulations, and that is the crux of the whole of this Bill. In this one, they will decide which institutions shall be eligible to extend the credit. I would like to put a warning here if you give me a minute. We saw this with the Women Enterprise Fund. These institutions refuse to give cheap loans, keep the money and lend it. That is something we will have to look at. It is this section that is going to give the conditions of the grant. Again, if the conditions are as tough as in the commercial banks, again it will not work. Clause 5(a) is also extremely important. It talks about what information the CS will always bring before this House. It is very good monitoring. This is something we could talk for a long time but I support it and I know it will support and help our industry. Thank you."
}