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{
"id": 1549952,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549952/?format=api",
"text_counter": 231,
"type": "speech",
"speaker_name": "Kitui Rural, WDM",
"speaker_title": "Hon. David Mwalika",
"speaker": null,
"content": "Thank you very much, Hon. Temporary Speaker."
},
{
"id": 1549953,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549953/?format=api",
"text_counter": 232,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Question proposed)"
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{
"id": 1549954,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549954/?format=api",
"text_counter": 233,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " I see the Deputy Leader of the Majority Party, Hon. Owen Baya."
},
{
"id": 1549955,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549955/?format=api",
"text_counter": 234,
"type": "speech",
"speaker_name": "Kilifi North, UDA",
"speaker_title": "Hon. Owen Baya",
"speaker": null,
"content": " I support this Motion on the ratification of the agreement for the establishment of the African Finance Corporation (AFC). As a country, for many years, we have relied on many multilateral and bilateral agreements and financing to spur development and growth. The multilateral agreements have been with institutions outside Africa such as the International Monetary Fund (IMF) and Inter-American Development Bank (IDB). In 2007, a key institution was established in Africa and it can help this country grow without necessarily getting money from outside the Continent. Africa is a very rich Continent. It is rich in such a way that, if we put our resources together and pull together as a Continent, we can finance our projects. We can get the money we need without having to go to China, the Bretton Woods institutions or other institutions. We can get funding and resources from inside Africa. Kenya has not ratified the treaty to become a member of AFC. The 13th Parliament that we sit in has the singular honour to ensure Kenya joins other nations within Africa on AFC. As stated ably by the Mover of the Motion, membership has certain advantages. Kenya is one such country that should have a say in the African Continent in a big way. Therefore, ratifying this treaty will enable Kenya to continue having stronger regional influence. If this Parliament approves the ratification of this treaty, Kenya will continue being a giant nation that can 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."
},
{
"id": 1549956,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549956/?format=api",
"text_counter": 235,
"type": "speech",
"speaker_name": "Kilifi North, UDA",
"speaker_title": "Hon. Owen Baya",
"speaker": null,
"content": "influence and have a lot of support within the African Continent. Look at what we have been trying to do to influence Africa in terms of climate change. Look at the recent elections of the Chairman of the African Union. We need to have a lot of influence in Africa. We need to position ourselves as a strong nation that can control a lot of things and have a lot of influence. This is one path; ratify this treaty and join the AFC. Another important thing is that if we are a member of AFC, private-owned companies and the private sector will have a lot of say in Africa. Our business people, manufacturers, and traders can permeate every part of Africa. We will be respected as a nation and so, ratifying this treaty will earn Kenya respect within Africa and at the global stage. It is very important that we approve the ratification. Lastly, one of the things that has been a big problem for us is very expensive multilateral and bilateral loans. We have borrowed very expensive money. Membership of AFC will allow us to have long-term and low-cost loans. The Corporation will also agree to our investment priorities. Many a times, multilateral lenders like the United States give us conditionalities. They tell us they can fund us only for projects they want us to undertake and not the ones we want. See what President Trump is doing in the US by withdrawing funding. During the Biden era, the US said it would give us funds if we allowed homosexuality. African tenets, values and priorities are properly funded from AFC without conditionalities that erode our culture, heritage and values. I urge this House to ratify this treaty so that we can gain our “Africanness” and be able to stand without anybody else dictating anything to us. We should support AFC and put African resources together for the development of the continent. I support, Hon. Temporary Speaker."
},
{
"id": 1549957,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549957/?format=api",
"text_counter": 236,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Well said. Hon. Members, seated in the Speaker’s Gallery are students from Christ the King School in Nakuru East, Nakuru County. They are welcome to follow the proceedings this afternoon. Join me in welcoming them to the august House. Thank you. Hon. Maero Oyula."
},
{
"id": 1549958,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549958/?format=api",
"text_counter": 237,
"type": "speech",
"speaker_name": "Butula, ODM",
"speaker_title": "Hon. Maero Oyula",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. Let me add my voice to this important Motion. I support the ratification of the agreement on AFC. Africa has had only ADB, but it has not been able to satisfy the needs of African countries and so, AFC will support the gap that ADB has not filled. The AFC is a development finance institution that supports African countries in infrastructure development, power generation and other development activities. It is owned by African countries. So far, it has 43 members, with its Headquarters in Lagos, Nigeria. With AFC, reliance on expensive multilateral and bilateral loans will go down. We should ratify this treaty so that Kenya can be a member to raise financing for infrastructure development. It is important that we move away from expensive loans. We should move away from the conditions always imposed by IMF and World Bank before we get any financing. The AFC is a home-bred institution that will not impose so many conditionalities like IMF and the World Bank. I urge this House to support the ratification of this agreement so that Kenya becomes a free member and starts borrowing from the Corporation. I support this Motion, Hon. Temporary Speaker."
},
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"id": 1549959,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549959/?format=api",
"text_counter": 238,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Thank you. Member for Gatanga."
},
{
"id": 1549960,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549960/?format=api",
"text_counter": 239,
"type": "speech",
"speaker_name": "Gatanga, UDA",
"speaker_title": "Hon. Wakili Edward Muriu",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker, for giving me the opportunity. I rise to support the ratification. I perused the Report of the Departmental Committee on Finance and National Planning and I have seen arguments on the pros and cons, especially from the public who submitted comments. My position is that the ratification could not have come at a better time than now, bearing in mind that countries like America, in Europe and China are becoming more insular. They focus more on their own economies - America for 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."
},
{
"id": 1549961,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549961/?format=api",
"text_counter": 240,
"type": "speech",
"speaker_name": "Gatanga, UDA",
"speaker_title": "Hon. Wakili Edward Muriu",
"speaker": null,
"content": "America, Europe for Europe and China for China. Therefore, it is high time African countries created their own financial institution to support their needs and growth and to ensure financing comes without strings attached. I appreciate the fact that the Africa Finance Corporation (AFC), being a total financial development institution, is dedicated to infrastructure financing in Africa, primarily through debt and equity. The Corporation is focused on bridging Africa's large infrastructure deficit by financing projects that have a high developmental impact on the economies of African countries. The Corporation also acts as both a lender and an advisor to clients in Africa, offering project management services and structured debt financing. Kenya would gain access to a steady and significant source of capital for large-scale infrastructure projects. We have an issue as a country. As reported in the papers yesterday, the Central Bank of Kenya (CBK) was very busy this week and raised about Ksh70 billion. The interest rate on that money is between 13 and 14 per cent. We have infrastructure bonds to build our roads, which this country is paying back at an interest rate of between 18 and 19 per cent. That is not sustainable. Therefore, the Africa Finance Corporation is coming in to plug the gap, so that we can deal with those expensive short-term debts. Incidentally, because the United States of America (USA) has withdrawn its financing to African countries through the United States Agency for International Development (USAID), it is high time we looked at this issue more critically and created our own financing platform. This country is struggling with things like the expansion of our airport. The AFC comes in as a panacea because its role is to finance long-term and high-impact infrastructure projects. For projects like the Rironi-Mau Summit Road, which we have been struggling with for years, the AFC will come in and plug in its own money to construct an expressway from Rironi to Nakuru, Eldoret and Mau Summit, and possibly extend it all the way to Kisumu. How good it is that the AFC is incorporating the private sector in its capital raising to the extent that our local banks and investors will have an opportunity to not only participate in capital raising, but also in the journey of creating employment for our youth."
}
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