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"id": 1549942,
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"text_counter": 221,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "As I conclude, we have seen what our sources of financing through the Bretton Wood institutions have done to this country. Some of the conditions that come with those sources are too steep for this country. But by being shareholders of the African Finance Corporation, we have a chance to negotiate better terms for our loans and reap dividends from the contribution that we are going to make because AFC is a profit-making entity. Most importantly, their long- term financing of projects like energy and infrastructure is going to spur economic growth."
},
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"id": 1549943,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549943/?format=api",
"text_counter": 222,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "Lastly, this will be a solution to the challenge of contractors being awarded huge projects and being unable to execute them due to lack of financing. The framework of the relationship between the bank and the private sector will mean that a private contractor can access financing from AFC to build and complete a project like the biggest fish market in record time, which will yield economic growth."
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{
"id": 1549944,
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"text_counter": 223,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "With that, I beg to move and I request one of the Members from my Committee, Hon. Mboni, to second."
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"text_counter": 224,
"type": "scene",
"speaker_name": "",
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"speaker": null,
"content": "[The Temporary Speaker (Hon. Omboko Milemba) left the Chair]"
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"id": 1549946,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549946/?format=api",
"text_counter": 225,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
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"text_counter": 226,
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"speaker": null,
"content": "[The Temporary Speaker (Hon. David Ochieng’) took the Chair]"
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"text_counter": 227,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Member for Kitui Rural, Hon. Mboni."
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"id": 1549949,
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"type": "speech",
"speaker_name": "Kitui Rural, WDM",
"speaker_title": "Hon. David Mwalika",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. I rise to second this important Motion. Africa has really suffered under the hands of multilateral and bilateral lenders. Multilateral lenders like the International Monetary Fund (IMF) and the World Bank have given conditions to African countries like downsizing public service and reforms in various sectors of the economy to access loans. If you recall, last year during the demonstrations on the Finance Bill, the IMF programme on financing was based on tax revenues. For us to access the loans, the condition was that we needed to increase taxes. The IMF is telling African countries that they have to raise their own revenues before lending us their money. Some of those conditions have caused a lot of problems in Africa. Bilateral lenders like China give us very expensive loans which have brought a lot of suffering to the economy. We are paying very high interest rates and the debt servicing has increased and, therefore, suffocating economic growth in this country."
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"id": 1549950,
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"text_counter": 229,
"type": "speech",
"speaker_name": "Kitui Rural, WDM",
"speaker_title": "Hon. David Mwalika",
"speaker": null,
"content": "The AFC is a solution to financing challenges that are facing Africa because there are no conditions and countries can negotiate favourable interest rates and repayment periods. The AFC is financing infrastructural projects which have a long gestation period and, therefore, the interest rates have to be low to ensure that countries do not suffer. Kenya has already received US$370 million since joining AFC in 2017 to finance various projects in energy, transport and natural resources, among others. In addition, the country is planning various projects and programmes at a cost of US$756 million to finance wind power energy, the Dongo Kundu Special Economic Zone, and the Kenya Fund Investment Consortium, among others. Based on the intentions of AFC, I urge this honourable House to support this noble initiative."
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"text_counter": 230,
"type": "speech",
"speaker_name": "Kitui Rural, WDM",
"speaker_title": "Hon. David Mwalika",
"speaker": null,
"content": "I second."
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