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{
    "id": 134767,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/134767/?format=api",
    "text_counter": 109,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "Madam Temporary Deputy Speaker, it is true and I agree with the hon. Member that there has been a slow inflow of capital investments from the major foreign investors and development partner countries. This is because of the global economic crisis. They are unable, themselves, to raise sufficient funds to bring to our country. However, as the economic recession improves worldwide and we expect it to start improving, at least, by next year, we shall have more investments coming into the country. We also recognize that public/private partnership is crucial to the development of our country and, therefore, we are working in partnership with the private sector, which does not necessarily mean foreigners. This also includes local investors and we have started by asking the local investors to contribute to Government bonds. Just in May in this year, you will recall we floated long term infrastructure bonds locally here and we wanted to raise Kshs18.5 billion because we believed that local investors in Kenya have money which has been untapped by the Government for local development. Therefore, we suspended the sovereign bonds which were meant for foreign investors and floated the local Kshs18.5 billion. We got an overwhelming response. We raised more than Kshs26 billion and we required only Kshs18.5 billion. Those are some of the things we are doing to try to tap the local resources which are in abundance."
}