President Yoweri Kaguta Museveni has urged African leaders to scrutinize the intentions behind World Bank loans, emphasizing that they should ensure these loans promote prosperity rather than profiteering.
Speaking at the 21st International Development Association (IDA) Africa Heads of State conference in Nairobi, Kenya, President Museveni emphasized the importance of discerning the purpose of loans granted to Africa.
“What loans are we receiving as Africa? Is the World Bank providing loans to foster private sector-led growth or to enhance our independence? I urge African leaders to thoroughly assess the intentions behind World Bank loans,” President Museveni stated.
He highlighted the lack of growth in Africa, attributing it to the insufficient funding and understanding of growth factors. President Museveni called for investments in transportation systems, electricity, raw material processing, and import substitution to stimulate growth.
“Why are we funded for importing and organizing seminars under the guise of capacity building?” the President questioned.
President Museveni challenged the IDA to clarify why they are supporting what he referred to as “modern slavery” of Africans. He advised Africa to address the root causes of producing goods it does not consume and consuming goods it does not produce.
The International Development Association (IDA), a division of the World Bank established in 1960, focuses on investing in the future of people and the planet through projects spanning 75 countries. It aims to alleviate poverty by providing grants and low-interest loans for initiatives that foster economic growth, reduce inequalities, and enhance living conditions.
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