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{
    "id": 244523,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/244523/?format=api",
    "text_counter": 94,
    "type": "speech",
    "speaker_name": "Mr. Wetangula",
    "speaker_title": "The Assistant Minister for Foreign Affairs",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": " Mr. Deputy Speaker, Sir, thank you for giving me an opportunity to contribute to this important Motion, for which I congratulate the Mover. Micro-finance is the only tested and proven avenue for eradication of poverty in developing countries. Asian countries have gone this route, and I do not see why we should not do the same. I want to urge this House to pass this Motion quickly, so that hon. Oloo-Aringo can bring a Bill here soon. As Parliamentarians, we should make a decision to move the money meant for our youth from the Ministry of State for Youth Affairs to the Kenya Post Office Savings Bank. Otherwise, it may be dished out and end up the Youth for KANU `92 way. Doing this will enable our youth to July 5, 2006 PARLIAMENTARY DEBATES 1811 develop our rural economy . It will create wealth and employment for our youth. As we know, there is no bigger banking network in this country than that of the Kenya Post Office Savings Bank. Its services are available in every village. I sometimes wonder why we should allow multinational finance institutions like the Barclays Bank of Kenya to run branches in Migori, Kerugoya, Lodwar and other rural towns when we can create capital locally. When the Barclays Bank of Kenya makes a profit of billions of shillings that is money out of this economy. When the Kenya Post Office Savings Bank makes a billion shillings profit it is money into this economy. The sooner we change our laws and restrict multinational banks to operating in the metropolis of Nairobi and, perhaps, Mombasa, and leave the countryside to micro-finance banks, the better off this economy will be. We now have mushrooming micro banks, some run very unethically. Our passing this Motion and having a Bill in place will be one sure way of creating wealth. There is always a difference between our GDP growth and its trickle down effect to mwananchi. Unless we have a deliberate programme and policy like this one in place, we will always have growth at the top and poverty at the bottom, as is the case in India. With those few remarks, I beg to support."
}