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"content": "THAT, this House notes the Sessional Paper No.1 of 2016 on Government Guarantee on Borrowing for the Construction of the Second Container Terminal Phase II, laid on the Table of the House on Thursday, March 10, 2016 and pursuant to the provisions of Article 213 of the Constitution, and sections 50 and 58 of the Public Finance Management Act (CAP 412C) approves the Government of Kenya Guarantee against a loan of Japanese Yen (Y) 32.116 billion, equivalent to Kshs27.30 billion at the current exchange rate, to be borrowed by the Kenya Ports Authority (KPA) from the Japan International Cooperation Agency (JICA) negotiated at the rate of 0.11% per annum and repayable in 34 years, with a six- year moratorium, to finance Phase II of the development of the Second Container Terminal at the Port of Mombasa as part of the Mombasa Port Development."
}