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{
    "id": 954692,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/954692/?format=api",
    "text_counter": 384,
    "type": "speech",
    "speaker_name": "Kiminini, FORD-K",
    "speaker_title": "Hon. (Dr.) Chris Wamalwa",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "In China they charge an interest rate of 2 per cent. Why? Are they performing miracles? The EXIM Bank that is giving us many loans charges low interest rates. So, the medium enterprises that are there can compete. If you are a contractor and you are borrowing money, they want to put it at 20 per cent. How will you make your profits? It will be very difficult. So, I am calling upon Hon. Members that we oppose this. If it is an issue of getting the two-thirds majority, I am suspecting His Excellency the President might reject it. This is because I have seen in many of his contributions talking about removing the capping. We should remove conflict of interests. We know we have business communities here. We know who owns the banks and so in this case cases of conflict of interest must be blocked. We must legislate for the benefit and the interest of the common citizenry. If SMEs are going to access money when it comes to production economy, they will provide employment to our youth. So, I am calling upon our Hon. Members to reject this amendment of the Banking Act, even if it means bringing two-thirds majority to overturn the President’s referral, so be it."
}