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{
    "id": 199343,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/199343/?format=api",
    "text_counter": 338,
    "type": "speech",
    "speaker_name": "Mr. Oparanya",
    "speaker_title": "",
    "speaker": {
        "id": 201,
        "legal_name": "Wycliffe Ambetsa Oparanya",
        "slug": "wycliffe-oparanya"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, Clause 36 of the Bill be amended- 4582 PARLIAMENTARY DEBATES October 17, 2007 (a) by inserting the following new paragraph immediately before the existing paragraph (a)- (a) by inserting the words \"or registered micro-finance institution\" after the words \"commercial bank\". (b) by re-numbering the existing paragraphs (a) and (b) as (b) and (c) respectively. The essence of this amendment is that we are now allowing micro-finance institutions to handle the Constituencies Development Fund (CDF) because right now they are being controlled under the Micro-Finance Institutions Act which we passed in this Parliament last year. But still we will still need the Minister for Finance's approval before the funds are placed in a micro-finance institution. Mr. Temporary Deputy Chairman, Sir, the Minister has also stipulated the minimum capitalization of the micro-finance institution. In the rural areas it is Kshs20 million and in the urban areas it is Kshs65 million. So, the risk is now minimum and so we feel they can handle the CDF finances."
}