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{
    "id": 1325518,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1325518/?format=api",
    "text_counter": 947,
    "type": "speech",
    "speaker_name": "Sen. Wamatinga",
    "speaker_title": "",
    "speaker": {
        "id": 13582,
        "legal_name": "Wahome Wamatinga",
        "slug": "wahome-wamatinga"
    },
    "content": "good ideas and are courageous, to start a business without a fallback position because they lack title deeds. As it was noted by many Members who contributed to this Motion, it is important that a country moves with the changing times. Majority of the young generation live in the urban setup. They are born and brought up in apartments, which they do not have title deeds for. It is time we redesign and relook at the Banking Act, so that the younger generation, who would want to start up businesses, can access these finances. In many countries, incubation services are offered as a joint service between the Government and private enterprises, mostly the learning institutions. It is high time we came up with a concept where the institutions of higher learning come up with research centers that would incubate young entrepreneurs, so that they can make mistakes without losing their livelihoods. Many people who ride boda bodas acquired them on loan. Once they cannot pay regardless of whether they have spent 50 or 80 per cent of the asset financing, they must pay storage charges. Unfortunately, they lost both the asset and the deposit they had paid. It is unfair for someone to pay a deposit of 30 per cent, contributing about 60 per cent of repayment, the asset is repossessed and the individual loses everything. Suppose we want to grow an economy driven by the young generation. In that case, we should create laws that encourage the young generation to venture into businesses without making it overly expensive for them. As Members of this House noted, we should develop an institution like the Industrial and Commercial Development Corporation (ICDC), which could finance business proposals by coupling investors with people with ideas. This would be the only way to move this country forward. As Parliament, we should develop working legal frameworks that will encourage young entrepreneurs who need sources of funds to have access to capital to establish businesses. We have to fight unemployment, which is one of the biggest challenges in this country. As I conclude, I want to urge my colleagues to sit down and discuss unemployment. A possible way of curing it is bringing young people into self- employment. This cannot happen with the current law as constituted. We should come up with changes in the law to facilitate Kenyans to move the country forward and help the young generation get opportunities. I beg to reply."
}