Conclusion
In conclusion Madam President, the proposed Collateral Registry will bring substantial benefits to the economy including enhancement of the participation of MSMEs in the mainstream financial sector through the growth of secured lending in Zimbabwe.
In view of the anticipated benefits from the establishment of the Collateral Registry, I hereby table the Bill to introduce the new legislation for the establishment of a Collateral Registry before this august House for consideration. I therefore move that the Movable Property Security Interests Bill be now read for the second time. I thank you Madam President.
HON. SEN. NYAMBUYA: Thank you Madam President. I rise to very briefly make some comments on this Bill which in my view is a very good Bill and is a very important and progressive development. I actually think this is what is called thinking outside the box. When we have got challenges and problems facing us, more often than not we tend to look at the conventional and the usual ways out fof solutions. We tend to look at history and see how other people have done it and so on. There is nothing wrong with that but we should also be brave, bold to look at other ways of doing things, avoid being conventional and doing things the way we have traditionally done it for ages and ages.
Therefore, the way this Bill has been crafted, the framework which has been introduced by the Minister this afternoon, to me is a very progressive way of broadening the production base of this economy and our capacity as a nation to generate wealth and export products, which is what we need badly at this point in time.
We are mourning about the lack of capacity to produce and about the high cost of production because the majority of our people do not have access to capital. Up to now, the majority of the people who have had access to capital are those with title because our financial institutions traditionally have always insisted on collateral security mostly in the form of immovable property. How many of us have got immovable property? Actually, the majority of Zimbabweans do not have immovable property. That is the stark reality of our situation.
Therefore, the coming of this Bill is addressing that very big gap which has existed in this country, which in my view the Minister has been bold enough to accept that we have been lacking but above all, to address so that we broaden our means of production. I would like to commend the Minister in that this is going to see many of our people such as youths, women and SMEs. All these people, as a result of this particular Bill are going to be able to access loans and capital because they will be able to use their movable assets to access capital.
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