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{
    "id": 189365,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/189365/?format=api",
    "text_counter": 106,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister for Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Mr. Deputy Speaker, Sir, I beg to reply. (a) Yes, we agree with the observation that the oversubscription of the Safaricom shares is an indication that Kenyans have a lot of resources that can be tapped for development purposes. Indeed, it is this realisation that informed the proposal to include Kshs18.5 billion for infrastructure bond in this year's Budget. We intend to deepen the market for infrastructure bond so that even profitable parastatals can issue their own bonds backed by a strong cashflow and without Government guarantees. In addition, the framework to operationalise public/private partnerships is in its final stage of development. Once it is in place, we will be able to leverage the limited Government resources by bringing in the private sector to supplement Government resources in the development of our infrastructure. (b) The Government, through the Privatisation Commission, is currently in the process of reviewing the remaining commercial enterprises with a view to determining additional opportunities that could be offered to the public through the stock markets. These too, would tap some of the resources that are available in the market. (c) Centum Investments is the former ICDC Investments Company, that is, ICDCI, which is a listed company and not ICDC which is a Government-owned Development Finance Institution (DFI). As regards to the Industrial and Commercial Development Corporation (ICDC), the Government is in the process of developing a restructuring strategy for all the five DFIs, including ICDC, KTDC, IDB and KIE. Most of the DFIs currently have a weak financial base and are, therefore, not able to perform their mandate effectively mainly due to their inability to mobilise the required resources. The DFI strategy aims at restructuring these institutions to strengthen them so that they are able to effectively discharge their mandate on a sustainable basis."
}