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"content": "Banking law and align it with international best practices. The Bill will later be submitted to the National Assembly, and I hereby seek the support of this House in its enactment. The Government will also implement additional measures to further deepen and strengthen the financial sector. In particular, in 2015, the Nairobi International Financial Centre Authority will be made fully operational. Further, to safeguard Kenya’s economy against financial instability, the CBK will strengthen the prudential oversight framework and effectively manage risks associated with rapid credit growth, rising cross-border operations and expansion of banks activities into holding groups. The Bank will also review and strictly implement the Prudential Guidelines on Risk Classification of Assets and Provisioning, and regularly report progress. Hon. Speaker, transforming Kenya’s economy towards prosperity for all requires substantial investments in the development of an efficient, faster and affordable transport network as well as affordable energy and modern harbours and airports. These investments will, in turn, reduce the cost of transport, promote competitiveness, open up business opportunities for our people and facilitate faster and more inclusive growth for employment creation and poverty reduction. As such, we are investing substantial resources to improve the conditions of our infrastructure network. I am pleased to inform hon. Member sand Kenyans at large that the construction of the Standard Gauge Railway (SGR) is progressing well and is ahead of schedule. The construction of the railway started in early 2015 and is expected to be completed around mid-2017, and should significantly reduce the cost of transport, reduce fossil fuel consumption and save our environment. To facilitate the speedyimplementation of this project, I have proposed additional allocation to the Kenya Railways Corporation (KRC) as follows: Kshs118. 2 billion for SGR financed by a loan from China; and, Kshs25.7 billion to be funded from the Railway Development Levy Fund. Through this project alone, we expect to employ over 30,000 Kenyans at the peak of construction. In addition, we have insisted on a 40 per cent local content requirement that has further created business and employment opportunities for our businesses, industries, entrepreneurs and our women and youth. Hon. Speaker, our commitment to generate 5,000 Megawatts of power by 2017 is also oncourse, with over 280 Megawatts delivered so far under the geothermal programme As a result, the cost of power has dropped by 30 per cent and will without doubt reduce the cost of doingbusiness, spur growth of enterprise development, encourage industrialisation and help accelerate the achievement of our growth and development objective as stated in Vision 2030. In this regard, I have allocated Kshs13.2 billion for further Geothermal Power Development. Hon. Speaker, the generation of new electricity is not sufficient to create economic growth unless demand exists to consume it. Therefore, to sustain demand, we program toconnect, at least, one million Kenyans in 2015. The connection will be driven by the recent incentives unveiled by His Excellency the President, including a reduction of connection charges from Kshs35,000 to Kshs15,000. For those not able to raise the required connection charge, they will be allowed to amortize the charge through monthly payments which will be made together with the monthly electricity consumption bill. To further expand access to electricity in the country, I propose to allocate Kshs21.1 billion for Power Transmission; Kshs14.9 billion for the Rural Electrification The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}