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{
    "id": 1026787,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1026787/?format=api",
    "text_counter": 503,
    "type": "speech",
    "speaker_name": "Isiolo North, KPP",
    "speaker_title": "Hon. Hassan Hulufo",
    "speaker": {
        "id": 13348,
        "legal_name": "Hassan Oda Hulufo",
        "slug": "hassan-oda-hulufo-2"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. I am not used to sitting this side of the Chamber and I was wondering whether my card would be registered. I support this Bill. I want to congratulate Hon. Gladys on her election as the Chairperson, Departmental Committee on Finance and National Planning. Her first contribution as the Chair was very impressive. Hon. Temporary Deputy Speaker, this amendment on guaranteeing loans to MSMEs is something that we should have done earlier than today. Thanks to Covid-19 we are now thinking about how best we can insulate MSMEs businesses against the same Covid-19. Once we pass this amendment, we will have a law that will help us grow this sector. This sector contributes 40 per cent to our GDP. As a country, if we are interested in growing our economy, we should make substantial investment in this sector. Research indicates that 79 per cent of those who operate in this sector are informal and unless we do sensitization to have them register to be formal, they might not benefit from the loan guarantees. This sector is the first employer for most of our fresh graduates, either those who have done technology related courses and start their own companies or work in existing companies, formal or informal. Hon. Temporary Deputy Speaker, the biggest challenge for those in this sector is access to affordable credit. Another challenge is marketing because they are competing with already established firms, including foreign ones, that have flooded our market. These firms, MSMEs, will access loans which will help them to not only make capital investments to expand their businesses, but also to address access to markets and build capacity of their staff. We know that most of the innovations that we rely on in terms of manufacturing of appropriate technology equipment is done by most of these firms in our urban centres. It is these appropriate technology equipment that our farmers who do some form of value addition to their products rely on. This credit guarantee scheme is going to help us as a country to reach Kenyans who deserve to be helped to access loans and Kenyans who are going to make substantial contribution to the growth of our economy."
}