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{
    "id": 910323,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/910323/?format=api",
    "text_counter": 291,
    "type": "speech",
    "speaker_name": "Mr. Henry Rotich",
    "speaker_title": "The Cabinet Secretary for the National Treasury",
    "speaker": {
        "id": 13142,
        "legal_name": "Henry Rotich",
        "slug": "henry-rotich"
    },
    "content": "The Government continues to stay focused on providing decent and affordable housing for our citizens. To that end, I have allocated Kshs10.5 billion to cater for social housing and construction of affordable housing units, including housing units for the police and Kenya prisons. Included also is Kshs2.3 billion for the Public Servants Housing Mortgage Scheme and Kshs5 billion for the National Housing Development Fund, as contributions by Government for its employees. With the recent establishment of the Kenya Mortgage Refinance Company (KMRC) by His Excellency the President, Kenyans will now access affordable mortgage loans for purposes of acquiring homes. The KMRC has received capital injection of Kshs1 billion from the Government, and Kshs35 billion credit lines from the World Bank and the Africa Development Bank. The KMRC has also received Kshs1.2 billion from other shareholders (banks and SACCOs), and a further Kshs400 million is expected from other development financial institutions, that is, IFC and Shelter Afrique in the form of equity injection. Investment in the manufacturing sector is key in transforming Kenya into a middle income economy. Under the ‘Big Four’ Plan, the goal is to increase its contribution to GDP, create jobs annually, increase Foreign Direct Investment (FDI) and improve ease of doing business. To support the manufacturing sector, we have scaled up reforms to encourage investments in industrial sheds and parks. The electricity rebates mentioned earlier will improve competitiveness in the sector. The Government has completed the revival of one of the oldest textile company in Kenya based in Eldoret - RIVATEX. It is expected to be launched in the coming weeks. RIVATEX is expected to employ over 3,000 employees when fully operational. In this budget, we have allocated a total of Kshs1.1 billion for the development of textile and leather industrial park, Naivasha Industrial Park and cotton development subsidy. In addition, we have allocated Kshs1.7 billion to support the growth of SMEs in the manufacturing sector; Kshs400 million to constituency industrial development centres; and Kshs1 billion to modernise facilities in the Kenya Industrial Research and Development Institute (KIRDI). Hon. Speaker, to enhance food and nutrition security and support our farmers, the Government is reforming its agricultural policies and regulations as well as subsidies to farmers with a view to making them efficient and less prone to rent seeking. With the unspent funds for this current financial year and proceeds from sale of maize from strategic reserve, the Strategic Food Reserve Trust Fund will have adequate funds to buy food reserves and intervene to support farmers in accessing inputs in a reformed arrangement in the coming financial year. In this Budget, I have set aside Kshs2 billion for the National Value Chain Support Programme and Kshs3 billion for setting up the Coffee Cherry Revolving Fund to implement prioritised reforms in the coffee sub-sector. In the coming financial year, coffee farmers across the country will be able to access the Cherry Advance at a modest interest rate of 3 per cent. In this current financial year, the Government supported sugar farmers by paying Kshs2.1 billion debt for cane deliveries to public mills. To cater for the outstanding balance, we have provided Kshs700 million. Other provisions include Kshs1 billion for crop diversification and to revitalise the miraa industry; Kshs800 million for the rehabilitation of fish landing sites, and Kshs700 million for small-holder dairy commercialisation. I have also allocated a total of Kshs7.9 billion for ongoing irrigation projects."
}