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{
    "id": 193392,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/193392/?format=api",
    "text_counter": 191,
    "type": "speech",
    "speaker_name": "[Mr. Jirongo]",
    "speaker_title": "",
    "speaker": {
        "id": 29,
        "legal_name": "Cyrus Khwa Shakhalaga Jirongo",
        "slug": "cyrus-jirongo"
    },
    "content": "Mr. Speaker, Sir, the Minister also talked about allowing companies with records to create asset-backed securities. In my view, the authority concerned, that is the Capital Markets Authority (CMA), needs to come up with clear guidelines. That is because if we are talking about companies that are established, you are surely talking about Safaricom or Equity Bank. We are still addressing companies that are able. What about a young man who has just left the university and has access to some security and he can develop a bond that can be traded on the market for purposes of raising some money? In my view, clear guidelines need to be developed. We need to spell out that, if you have an asset, let it be insured, let there be proper management of that asset to acceptable standards and let us have a bank that is going to back the security come up with a certain criteria. Otherwise, all we are doing is to enhance or add up onto those that have, forgetting the ones that do not have. Mr. Speaker, Sir, another interesting feature in the Speech was to do with Equity Bank. He stood up and said that three demonstration factories for fisheries are going to be put up in Nyanza Province. One of them will be put up in Kisumu, Homa Bay and another one at Migori. The fisheries industry is largest at the Coast. There is no demonstration factory that is earmarked for the Coast Province. The Minister for Fisheries Development comes from Busia. We have Sio Port which is in his constituency, but there was no demonstration factory. There is no demonstration factory at Lake Victoria for the same purpose. If you go to Lodwar, there is a fisheries facility. I remember we visited that facility one time with Mr. Ethuro. That is a highly advanced facility donated by one donor country. The facility has new machines, but it is idle. Why are we creating new facilities when we cannot inject capital into the ones that we have, so that they can generate employment for our young people in this country? Mr. Speaker, Sir, again, there is the issue of demonstration centres that are supposed to be built in the constituencies. That was an open-ended remark by the Minister. I believe for that to be successful, we need a prototype design which shall be given to Members of Parliament who are supposed to factor it in their CDF allocations."
}