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{
    "id": 1077243,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1077243/?format=api",
    "text_counter": 103,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "were restructured to enable borrowers navigate through the hard time due to the pandemic. As we move to the recovery phase, the banking sector will be expected to play a pivotal role in supporting the recovery of enterprises. To spur economic recovery, additional capital and investments are required. In this regard, the recently established Nairobi International Financial Centre Authority will play an important role and is expected to publish, before end of December 2021, a framework for attracting investments and innovative financial services into our economy and the region. Hon. Speaker, the high cost of mortgages, land acquisition, and housing units has limited access to affordable housing. Nevertheless, Government interventions are beginning to yield the desired results for affordable housing. Significant progress has been made to enhance efficiency, transparency and certainty in land matters by re-engineering the land registration processes, digitisation of land records, and implementation of the Sectional Properties Act. The Government is also in the process of streamlining and simplifying the legal and regulatory process governing the housing sector and providing basic infrastructure services to developers. Further, the Kenya Mortgage Refinance Company is supporting the growth of residential housing market in Kenya by providing long-term funding to the mortgage lenders in order to increase affordability of mortgage loans to Kenyans. As of December 2020, Kenya Mortgage Refinance Company had refinanced 1,400 affordable housing loans worth Kshs2.75 billion. The Kenya Mortgage Refinance Company is scheduled to issue an infrastructure bond by October 2021 to raise additional financing for its affordable housing finance objectives. Consequently, the Company plans to issue Green Bonds to finance climate friendly housing projects. Hon. Speaker, during the current fiscal year, the Government operationalised the Credit Guarantee Scheme by providing seed capital of Ksh3 billion to de-risk lending to Micro, Small and Medium Enterprises. To this effect, the National Treasury signed Credit Guarantee Agreements with seven commercial banks which have now rolled out credit to Micro, Small and Medium Enterprises. To further promote access to affordable credit by Micro, Small and Medium Enterprises, the Government has committed to progressively raise the capital to Ksh10 billion. In this budget, I propose to allocate an additional Ksh2billion to the Scheme."
}