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"id": 236180,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/236180/?format=api",
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"type": "speech",
"speaker_name": "Dr. Kuti",
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"speaker": {
"id": 60,
"legal_name": "Mohammed Abdi Kuti",
"slug": "mohammed-kuti"
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"content": "Mr. Speaker, Sir, these are not grants. This is not free money. It is an enterprise development fund. It is money to inculcate an entrepreneur culture, which has not been existing among our youth. An entrepreneur culture is one of hard work, where one has to try and repay what one has been lent. However, we have taken into consideration the fact that our youths do not have the collateral that would be required by the banks. Therefore, this Fund is different in that the youths will not be required to surrender title deeds or any other collateral to the banks. Secondly, as it has been clearly indicated, the interest rates will be negotiated between the Government and each financial service provider. We hope that the rate of interest will be in the range of between 5-7 per cent, as compared to the current interest rate of 18 per cent being charged by banks."
}