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{
    "id": 736736,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736736/?format=api",
    "text_counter": 71,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "Finally, on overview and as a way of introduction to this Bill, Kenya is also well situated geographically. As I said, you have to be very strategic. Location is very important in terms of business competitiveness. Kenya is well situated geographically and strategically than its neighbours, some of which are landlocked countries. Kenya offers the best transport and connectivity network in East Africa, with four-hour flight time to most African countries. With such characteristics, it beats all the odds and it is important that Nairobi becomes an international financial centre in the region. This is supported by the national carrier, Kenya Airways (KQ) that flies to over 40 countries in Africa, out of the 54 States. Kenya has also enjoyed proximity to a vast hinterland of over 100 million people in the East African Community. We were just discussing EALA. That is in the EAC, with over 100 million people. We are so close to that population for doing business. Opening up of the northern access road to Ethiopia, South Sudan and Somalia, what we are calling the LAPPSET, will bring over 80 million people into the market. Aware of the great potential and competitiveness that Nairobi has, the Government, through Vision 2030, has identified the development of Nairobi international financial centre as one of the flagship projects. The objective of setting up the Centre is to develop efficient and globally competitive financial services industry that will contribute to the overall economy and drive the high levels of savings and investments that Kenya needs to achieve through the economic growth targets as envisioned under Vision 2030. That is what I can say is an overview of the Nairobi International Financial Centre. In a nutshell, that is what it means. Going into the Bill, it intends to bring a strong legal and institutional framework that facilitates and supports the development and promotion of Nairobi as an international financial centre. The Centre will be modelled along the London model, where it will operate within an existing framework. You remember the President signed the Nairobi International Financial Centre Authority Order in 2014. Therefore, the proposed legislation is going to operate within the existing framework. That is the framework we want to legalise and modify. This model will become the successor of what exists at the moment. The success of a financial centre depends on political support at the highest level. In this regard, Clause 19 of the Bill proposes to establish a steering council to be chaired by none other than the President himself to offer the ultimate oversight to the development of the Centre. The clause establishes the steering council chaired by the President and deputised by the Deputy President, among other officers. Members can look at Clause 19. In sub-clause (3), you will see the functions of the council. One of them is that it shall review the progress of the Centre, provide direction and address any challenges in the development of the Centre, and the overall financial sector in the country. Surely, such a council chaired by the President, with a host of relevant CSs, will give the political impetus and support required for such a facility to succeed. In sub-clause (4), it is proposed that the council will meet three times in a year and shall regulate its own procedures. Clause 1 shows the title of the Bill. Clause 2 provides the definitions of the technical terms. Clause 3 provides the supremacy of the Act. That is very critical."
}