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{
    "id": 1180351,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180351/?format=api",
    "text_counter": 409,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker for protecting me from Hon. Millie. I know she may not have read the Kenya Kwanza Coalition Manifesto. When I said that some of the naysayers could be seated here listening to me, maybe I was right. I want to invite them to interrogate and read our Kenya Kwanza Coalition Manifesto. They will see that we spoke to the issue of access to affordable credit. This is what is now being offered to the people of Kenya through this Fund. Regulation 22 provides for interest rate or administrative fee that is payable by a maximum rate of 8 per cent per annum. If you borrow Ksh100,000, you only pay Ksh8000 a year. Hon. Junet, if your calculator is near you, you can calculate how much that is. When Hon. Chairperson spoke of 0.001 per cent interest per day, you doubted him. Kenyans do not pay an interest rate of 8 per cent per annum, but 10 per cent interest per day. They access credit at this rate. We are, therefore, giving an opportunity to residents of Suna East, Suba North, Suba South, Kikuyu, Emuhaya and all Kenyans, including those in Tiaty who are very good at rearing livestock, to access credit at a very affordable rate. Many financial institutions that are not formal like the merry-go-rounds and chamas will get an opportunity, in a very formal way, to be included in a Fund that will allow them have access to funds that they can lend to people, including our SACCOs. This will take our economy from the bottom-up. Therefore, as Hon. Chairperson has pointed out, these regulations have been taken through public participation. I must commend the National Treasury. For once, they went out of their way. Other than doing the normal public participation they do at Kenyatta International Convention Centre (KICC), this time round they took these regulations to many of our counties and listened to people. I must commend them for appreciating the role that the public plays in engaging with them. It was out of those engagements with the members of the public and institutions that they were able to polish these regulations and even do better than had been envisaged as they formulated these policies. The regulations also provide for a matching concept to this Fund. That, a financial institution like a bank or even a Non-Governmental Organization can match because of some advance credit. They can get part of those funds and match but there is a rider that the interest they will charge must be lower than that being offered by the Fund. This gives an opportunity for people to access credit at cheaper rates. I am glad because a number of our development partners have expressed interest to also provide funds to supplement what the Government and other donors will give to ensure all our people are included. Part of the reason why our economy is where it is today is because people have no access to credit. When they access it, it is very expensive and this makes no sense to their businesses and within a very short time they collapse. Let me speak to the hustler nation and tell them that the ‘Hustler Fund’ they have been waiting for is here. Upon the approval of these regulations, we 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."
}