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{
    "id": 172221,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/172221/?format=api",
    "text_counter": 519,
    "type": "speech",
    "speaker_name": "Mr. Michuki",
    "speaker_title": "The Minister for Environment and Mineral Resources",
    "speaker": {
        "id": 183,
        "legal_name": "John Njoroge Michuki",
        "slug": "john-michuki"
    },
    "content": "Mr. Speaker, Sir, the Commodity Credit Corporation which is under the U.S Department of Agriculture will underwrite the credit extended to eligible financial institutions in the US, in order for the institutions to extend credits to approved foreign banks. In our case, the credit will be extended to Kenya Commercial Bank, which is the banker of the National Cereals and Produce Board. Using the credit extended, the foreign bank will issue letters of credit to the exporters in the US. In our case, KCB will issue the letters of credit. In order for the Commodity Credit Corporation which bears the risk of this operation to be confident that KCB, on behalf of the National Cereals and Produce Board, will honour the letters of credit, it requires a guarantee. That is the basis of the Sessional Paper that this House is required to approve, so that a guarantee is provided to the National Cereals and Produce Board. The GSM 102 Programme is allocated in accordance with a criteria determined by the Commodity Credit Corporation. The allocation for the Eastern African countries is US$100 million, which is equivalent to Kshs7.9 billion. The Government has requested for the allocation of the entire amount. It is expected that even if we do not get all of it, we shall get the larger proportion."
}