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{
    "id": 914925,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914925/?format=api",
    "text_counter": 160,
    "type": "speech",
    "speaker_name": "Nominated, JP",
    "speaker_title": "Hon. David ole Sankok",
    "speaker": {
        "id": 13166,
        "legal_name": "David Ole Sankok",
        "slug": "david-ole-sankok"
    },
    "content": "guarantors. We just want to protect the guarantors and by extension, we are also protecting the borrower because with this trend, nobody will guarantee any Kenyan to get a loan. When we stop guaranteeing because of fear that our property will be confiscated there will be no borrowing in Kenya. We know some borrowers are very intelligent, progressive business people that borrow money and make more profit, employ Kenyans, pay taxes to this country and economically change it. So, the issue of borrowing is all over the world. Some people have become rich. They have economically empowered their nations and families by borrowing and investing wisely. If we go by this trend, it will be very difficult for people to borrow because guarantors will not be there. Once we protect guarantors, all progressive borrowers will invest wisely. They will easily get guarantors. As long as a guarantor’s assets can be confiscated, you will find that since we do not have spiritual eyes to know who is a wise investor and who is a progressive businessman, we will not guarantee anybody. This will economically affect our nation. That is why I support this Bill because it simply says: Let us first of all start with the principal borrower, who is the principal beneficiary. Let us exhaust his/her assets. The borrower chose the guarantor and the guarantor agreed to guarantee. So, I support this Bill because it protects both the guarantor and the borrower because borrowers will get guarantors. But with this trend, we will never get guarantors."
}