- African leaders converge in Nairobi for the IDA Summit.
- Uganda's President calls for practical financing in key sectors.
- The summit highlighted the urgency of funding Africa's development drivers.
ADVERTISEMENT
Harsh words for the World Bank from Uganda’s president at the meeting of African leaders
The leaders of numerous African states convened in Nairobi, the capital city of Kenya, to talk about financing for the International Development Association of the World Bank. Discussions on key areas where wealthy nations and their development partners may concentrate on accelerating continental growth were also tabled at the Summit. However, the president of Uganda had some tough questions for the World Bank.
Harsh words for the World Bank from Uganda’s president at the meeting of African leaders
ADVERTISEMENT
Recommended articles
A report by Sputnik showed that the heads of state for several African countries met in Kenya to discuss financing on the continent.
They arrived in the East African country on April 29 for what was dubbed the International Development Association (IDA) summit, focusing on favorable lending terms and strategies to bolster sustainable development across the continent.
During the summit, some of the leaders highlighted some complex issues, including the accusation against the World Bank for giving financing for "seminars" priority above assisting developing African nations in removing systemic barriers to growth, laid by Uganda’s Yoweri Museveni.
ADVERTISEMENT
"Borrowing for what? capacity building. Imagine! Seminars, they call you in a hotel, you eat chapati, mandazi, they say that is capacity building…it should be on the ground not just in seminars. So if you are serious, I need to hear about the low-cost funding for manufacturing, not for stories…for manufacturing," he stated.
He also argued that the lack of funding and "even understanding" of the development drivers is the reason Africa is not expanding.
"The main reason there is no growth in Africa is that the growth factors are neither funded nor understood; those who want to help Africa should fund our transport systems, electricity, raw material processing, and import substitution," the Ugandan president added.
"Our populations are increasing, but our economies are stunted. The IDA should tell us why they are funding the modern slavery of Africans, and we should address issues like why Africa is producing what it does not consume and consuming what it does not produce," he added.
Uganda and the World Bank have been going at each other for some time now. Back in August 2023, the World Bank suspended its loans to the East African country owing to its then newly implemented harsh anti-gay laws.
ADVERTISEMENT
On the other hand, the Ugandan president has been very vocal about his criticism for the Western world.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
US, Russia, China, France, and South Korea compete to build Ghana's first nuclear power plant
Zimbabwe promises solidarity with Iran following the loss of its president
Russia continues to probe into Africa’s security concerns as it speaks with Uganda
Why TotalEnergies chose Angola over Nigeria for $6b energy project
10 African countries with the highest number of advanced aircraft fleet
Top banks in West Africa for 2024
Nigeria raises interest rate to tame galloping inflation
South Africa ranked No. 1 destination for important meetings in Africa, Nigeria falls to 14th
