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{
    "id": 1549987,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549987/?format=api",
    "text_counter": 266,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr) Ojiambo Oundo",
    "speaker": null,
    "content": "My enemies! Obviously, over time, we have to start looking inwards. If you hear and see the tone of the main contributors to the IMF and World Bank; that is the US and the European countries, it is time to look inwards. In fact, in many countries now, all politicians who talk about nationalism get elected compared to those who talk about global issues. It is a laudable venture for the African countries. If you look at their website, they say they were established in 2007. It is a joint venture between private and public institutions to raise funds to fund various development projects all over Africa. As of today, it has about 45 members. Some have already ratified it and some have not. So far, they say they have disbursed close to US$15 billion to projects across 36 countries, Kenya being one of them. That shows that they have the capacity and are progressing adequately. Let me also join the remark by Hon. Chairman, that before Kenya becomes a shareholder, they need to look at the Treaty so that all the issues that we have raised in the report are addressed before they finally sign. By the very way the Act is set, Parliament basically cannot amend it. It can only pass or approve with reservations, and those reservations can either be considered or not. When you are looking at such kind of a Treaty that has got very many members, the room for maneuverability becomes minimal. That is why we always urge, at the very start, that let Kenya participate in drafting these treaties so that our interests are taken care of. We also hope the interest rates that are being advanced by this institution will be market interest rates that do not hurt the economies of African countries. Many times, you find that it becomes more expensive to borrow from the local institution compared to international institutions. I urge the shareholders and the managers at AFC to make sure that whenever they give funding, they do it with a reasonable interest rate. Additionally, I urge the leaders and managers in African countries to ensure that loans meant for financing projects are used for those specific projects. There are many stories that they are supposed to build a 10km road, but what you see is one kilometre road which is only three metres wide and yet money has been expended. They have a fiduciary duty to ensure that, as they advance funds, they are used for the very purpose they are meant for. As I conclude, as Kenya continues to borrow money to finance projects, let there be equity and fair distribution of those projects throughout the country. All of us cannot shoulder the burden of paying debts and yet, it is only some regions that benefit from those projects, while others become mere spectators. With those few remarks, I support the Motion."
}