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{
    "id": 844847,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/844847/?format=api",
    "text_counter": 254,
    "type": "speech",
    "speaker_name": "Kiambu, JP",
    "speaker_title": "Hon. Jude Njomo",
    "speaker": {
        "id": 1784,
        "legal_name": "Jude L. Kangethe Njomo",
        "slug": "jude-l-kangethe-njomo"
    },
    "content": "This Section is a requirement that every banking institution must secure 10 per cent of its loan portfolio to be loaned to Small and Medium Enterprises (SMEs). This was brought by the desire to encourage banks to lend wananchi. You remember that after the capping of interest rates was done, banks withdrew their support to SMEs and generally to the citizens. This could be termed as economic sabotage because it affected many sectors of businesses. So, we are trying to secure credit to those in the SMEs who qualify for loans. Yesterday, while we were discussing this same Bill, two Hon. Members came to me; Hon. Amos Kimunya and Hon. Amos Kilonzo. They were convincing me to withdraw this particular amendment and they had two good reasons. First, there are banks that do not have SMEs banking. There are those that do corporate banking without having members of the public banking in those institutions. Their argument was that this may not apply to them. Secondly, the National Treasury was against this amendment although I would not like to listen to them so much. They were talking about freedom of banks to do business; that this would interfere with the spirit of liberalisation. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}