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{
"id": 659349,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/659349/?format=api",
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"type": "speech",
"speaker_name": "Hon. A.B. Duale",
"speaker_title": "",
"speaker": {
"id": 15,
"legal_name": "Aden Bare Duale",
"slug": "aden-duale"
},
"content": "million 20-feet containers annually by 2017, there must be expansion in the facilities for handling containers. That is why this project is expected to commence as soon as the law is approved and procedures are completed. This will take a maximum of four years to complete, and it should be operational by 2020. Hon. Temporary Deputy Speaker, the scope of this project, according to KPA specifications, will include limited dredging of quarry sites and the turning of basins, civil works for Bath 22, construction of a wharf measuring 15 metres long and 250 metres wide and related building facilities, reclamation of the sea to create container-taking yards, including construction of more roads behind the berths, a track road at the back of the container terminal, among many other amenities that come with terminals. The loan bears an interest rate of 0.11 per cent per annum on KPA. It carries a six year moratorium, which is the grace period, and has a repayment period of 34 years. This negotiation was done by KPA, in terms of interest rates, grace period of six years and in terms of the repayment period, which must be within the sound financial position of KPA because the Government is not putting anything, and will not increase the levies and the charges. Within this percentage of interest rates, they will be able to pay. This is because KPA has shown exemplary financial performance. There is no doubt, after the KPA’s books were looked by a reputable firm, that the KPA will be able to meet its entire debt obligation. The current total contingent liabilities of Kenya, under Section58(2) and (f) of the Public Finance Management (PFM) Act, other than those specified in the Schedule to the Act, amount to Kshs47.96 billion and with the guarantee of a sum of Kshs23.7 billion, this will take the total to about Kshs75.3 billion. For the port of Mombasa to be the port of choice, we need to increase its efficiency, increase its container handling capacity to 1.5 containers by 2017. That way, the KPA will contribute to our country’s economic growth. The KPA management must have considered the corporation’s best interest and their financial position. They need these resources for the construction of the Second Container Terminal Phase II. Hon. Temporary Deputy Speaker, with the foregoing assurances, I beg to move that pursuant to the provisions of Article 213 of the Constitution and Sections 50 and 58 of the PFM Act (CAP 412C), this House approves the Government of Kenya Guarantee against a loan of Kshs27.30 billion. I will leave the rest to the Chair of the Departmental Committee on Finance, Planning and Trade, who visited the site with his Committee. I am sure that he had a discussion with the Managing Director (MD) and the Board of Management of KPA, who must have talked to the Permanent Secretary (PS) in the Ministry of Transport and Infrastructure, and the Cabinet Secretary (CS) for National Treasury. He is in a better position to second but I will ask for your indulgence because of the numbers that we continue debating even after we come back from the recess. I beg to move and ask Hon. Benjamin Langat to second."
}