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{
    "id": 863309,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863309/?format=api",
    "text_counter": 187,
    "type": "speech",
    "speaker_name": "Nambale, ANC",
    "speaker_title": "Hon. Sakwa Bunyasi",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": " Thank you, Hon. Speaker. I support the Bill. A well-functioning capital market is extremely important for directing the investment process. It is also important for deepening the participation of the general public in the process of development through a quasi-financial intermediation in deepening the financial reach to the people. A well functioning market will help us increase the monetisation of our economy such that instead of keeping our resources, for example, in cattle and other assets, we can put it in money terms. The advantage being that, in money terms, you increase the multiplier effect in the economy without assuming the full risk. This is because it is dispersed broadly through the capital markets and the collective risk management. It, therefore, gives courage to individual savers whose resources become quickly transmitted into investment. A good working capital market has replaced what we have seen. When the Nairobi Capital Market began to take root, we moved away from a highly planned economy in which we assumed that the public processes would direct the pace and development of the economy. We have found that, in fact, if we transferred those capacities to our capital markets, they are much better in guiding investment in response to market requirements than the old planned processes used to work. So, I think that these amendments will go a long way to strengthen this very critical institution in our set up in this country."
}