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{
    "id": 466797,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466797/?format=api",
    "text_counter": 394,
    "type": "speech",
    "speaker_name": "Hon. F.K. Wanyonyi",
    "speaker_title": "",
    "speaker": {
        "id": 2065,
        "legal_name": "Ferdinard Kevin Wanyonyi",
        "slug": "ferdinard-kevin-wanyonyi"
    },
    "content": "East Africa is improving the railway network. Those of us who come from very far away from Nairobi know that roads are not maintained regularly. The maintenance costs of some of the roads runs to trillions of shillings. Therefore, I would suggest that instead of us wasting money on maintaining roads, we start building our own railway line from Mombasa to Malaba. This will improve business. That is the only way we should go. Hon. Temporary Deputy Speaker, another thing I want to talk about is the RBA. The Bill seeks to improve the management of retirees’ benefits, including vetting those going to be in charge of the Authority. There is the fear that some of the retirees’ money is sometimes invested very carelessly. I think the amendment is intended at moderating the investment opportunities for retirees. I understand that retirees get only 3.5 per cent earnings from their investment. This should improve because bank interest rates, which as two hon. Members, including hon. Mbadi, mentioned, are very high. If you deposit money in a bank, the bank pays you 3 per cent interest. When you go to ask for money from the same bank, they charge you 25 per cent or 26 per cent interest. Therefore, the interest rates for retirement benefit money should improve, so that retirees can live well. Another thing I want to talk about is the banking industry. This Bills also seeks to improve and expand banking activities. Equity Bank and Co-operative Bank have set up baking agencies. I hope that with the passage of this Bill, more banks will follow suite, so that banking services can be extended to even kiosks out there. Last but not least, I think the East African Development Bank--- This is the way we should go as East African citizens. Let us improve on this East African Bank. The Heads of State in this region have said that they are going to improve on it. We used to have the East African Shilling and it was very strong. During those days, one UK pound was equivalent to Kshs18. Today, it is equivalent to Kshs120 or thereabout. So, if we can improve the East African Development Bank so that it starts functioning globally then it will be good for our people. It will greatly improve the East African currency. That way, other currencies in this region will be pegged on the East African Shilling. This will attract more investors. We need to encourage the East African States to have the region’s currency like the Euro. The Euro is very strong in Europe and other European States’ currencies are pegged on it. I suggest that given the amendments to this Bill the way to go now is for us in East Africa to have our own shilling. This will enable us have a strong currency and then do business well. With regard to tourism, in the past there has been weak legislation on terrorists especially those funding it. The penalty for this should be death. This House can pass that. It should be death penalty for anybody found financing terrorism in this region. People have suffered. There are situations where people have died in this City. Some of the terrorist acts are done by our own Kenyans or people from this region. Let us be serious about this matter by passing death sentence to anybody found financing terrorism. With those few remarks, I beg to support the Motion."
}