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{
    "id": 17325,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/17325/?format=api",
    "text_counter": 461,
    "type": "speech",
    "speaker_name": "Mr. Kenyatta",
    "speaker_title": "The Deputy Prime Minister and Minister for Finance",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "The Government has continued to support the development of capital markets, particularly in enhancing the policy and regulatory framework, which has been instrumental in widening the scope of issuance and investors in the market. These efforts by the Government have so far helped create the suitable environment for mobilization of long-term resources to finance growth-based projects in our economy. As a result of this, a number of shares traded in 2010 peeked at Kshs 6 billion while bond turnover rose to a historical high of Kshs476 billion. The market capitalization for equities on the other hand, rose from Kshs101 billion in 2000 to Kshs1,169 billion in 2010, while the number of foreign investors account has increased from 18 in 2004 to 9,720 in 2010. The measures that I have proposed in The Capital Markets (Amendment) Bill are aimed at further deepening the capital markets as well as taping international sources of capital. I will only highlight a few of the proposals. In order to promote growth in the security segment and facilitate access to finance by small and medium enterprises, I have proposed to amend the Capital Markets Act to introduce an over the counter market for bonds. This measure will enable mobilization of resources through the issuance of securities without necessarily having to list on the stock exchange, whose conditions are difficult to meet by small and medium enterprises."
}