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{
    "id": 185027,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/185027/?format=api",
    "text_counter": 49,
    "type": "speech",
    "speaker_name": "Prof. Sambili",
    "speaker_title": "",
    "speaker": {
        "id": 28,
        "legal_name": "Hellen Jepkemoi Sambili",
        "slug": "hellen-sambili"
    },
    "content": "Mr. Speaker, Sir, the financial intermediaries that are working with the youth fund are 28 at the moment. These financial intermediaries are required to facilitate the youth groups to access these funds at an interest rate of 8 percent. They are not supposed to divert or mislead the youth to access their money. If there are cases like that, then the Ministry, which is currently evaluating the performance of the disbursement of these funds, will take that into consideration. The money by the financial intermediaries is for onlending. It is the onlending component of the fund which mainly works through these intermediaries which include non-governmental organisations, banks, credit co-operatives like SACCOs, and micro-finance institutions. Individuals can only access these loans from the Youth Enterprise Development Fund through these appointed intermediaries. If these intermediaries are misleading the youth, then we need to know. The individuals from Limuru Constituency who have been loaned money through the financial intermediaries are captured in the following data:- The male entrepreneurs that have accessed this money are 316 and they have accessed Kshs15,535,200. Five hundred and sixty groups of female entrepreneurs have so far accessed Kshs14,821,800. The total number of entrepreneurs is 876 and they have accessed Kshs30,357,000. It is the Ministry's deliberate intention to introduce the youth to mainstream financial services. I repeat again that if those financial intermediaries are misleading or blocking the youth from accessing that money, we would like to know. We will pursue the matter and take the necessary action. Thank you, Mr. Speaker, Sir."
}