MPs have threatened to introduce a law to control the interest rates charged by banks on loans. The lawmakers yesterday said the interest rates charged currently are too high and are stifling development and youth empowerment.
Local banks have been charging interest rates of between 14 and 20 per cent despite the Central Bank of
While supporting a proposed law that demands 30 per cent of public tenders be awarded to the youth, the MPs said banks remain a great impediment to the economic growth for many Kenyans.
The Public Procurement and Disposal (Amendment) Bill was brought to the House by nominated MP
He said the banks have over the years resisted control of interest rates charged and continued to exploit Kenyans. Mbadi said the Jubilee government should take advantage of its numbers in the House to pass a legislation to control the rates.
She said this has made it impossible for local contractors to compete with their foreign counterparts. Kipkelion West MP
"The youth should be given loans that are cheap so that they can start businesses," Rop said.Othaya MP
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