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"id": 150240,
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"content": "For example, in Kenya, we have the first and only nuclear physicist, Prof. Hillary Ngâweno. He came to this country and he could not get a job. So, he had to start a magazine, The Weekly Review. What a waste of talent! But he also proved to be very good in journalism, although he had not trained in journalism. So, we need to do some studies in nuclear science so that we can also give our people something to do. Lastly, Mr. Temporary Deputy Speaker, Sir, as a matter of emergency, they discussed the financial crisis facing the world. Initially, we thought that Kenya would be insulated from the financial crisis. Yes, it is true that our banks did not give out un- secured loans. All the loans in this country are secured. So, initially, we thought that this country would be insulated from the financial crisis. But we forgot that when those workers are declared redundant by General Motors (GM) and the other companies, that would affect our tourism. Indeed, it has affected our tourism and foreign remittances. Tourism used to be the biggest foreign exchange earner. Now, it is no longer the case. Indeed, it has affected investments in this country. Many people in the diaspora were doing a lot of investments in this country, particularly in the real estate sector. Mr. Temporary Deputy Speaker, the only industry that seems to be growing is the piracy industry in Somalia. It seems to be getting a lot of money but, in the process, it is also affecting our country. Ships are incurring a surcharge on piracy and they have to travel a longer distance to reach Mombasa to avoid piracy. So, as we talk about the financial crisis, we must also talk about piracy, because it is also having a negative financial impact on this country. Lastly, Mr. Temporary Deputy Speaker, Sir, as we talk about the financial crisis, we must also come up with innovative products, particularly those that will enable the youth to engage in profitable businesses. It amazes me when you go to apply for a loan, particularly when you have just been employed. Let us say this is your first month of employment. If you apply for a loan to buy a house, you are told to pay a 20 per cent deposit. Now, if it is a house worth Kshs1 million, if they still exists, a 20 per cent deposit is Kshs200,000. How can somebody who has just been employed this month or even this year be able to save Kshs200,000? In addition, you have to pay legal fees and Stamp Duty, which is 2.5 per cent to 4 per cent. It means that, really, it is not possible for a newly employed youth to borrow money to buy a house. Mr. Temporary Deputy Speaker, I am challenging our banks to come up with innovative products. That is happening in India where, even on your first monthly salary, you can get a housing loan. These loans should be based on the amount you will earn. It should be projected to give you what you will earn in five or ten years. The repayment, therefore, should start with low figures of Kshs2,000 or Kshs5,000 a month. This is an amount someone who is new in employment can afford to pay. The amount should be projected to increase so that the following year you pay Kshs7,000 or Kshs10,000 because you would have got some salary increment. This will enable a person recently employed to purchase a house. I call upon our banks and financial institutions to come up with innovative products. At the moment, if you are in salaried employment, you can get unsecured loans, but what about those who are not employed? How will they get these loans? This is why we have proposed to the Deputy Prime Minister and Minister for Finance that in the next Budget, all the money in the Women Enterprise Development Fund (WEDF) should be taken to the constituency. The money that was taken to the banks has not helped"
}