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Ugandan President Yoweri Museveni has emphasized the importance of loans that drive prosperity during his address to the World Bank.
Highlighting the need for financial support that fosters economic growth and development in Africa,the Preisdent, stressed the significance of strategic loans in driving prosperity across the continent.
“We need loans that drives prosperity. Africa does not need that “sustainable underdevelopment” Africa need socio-economic transformation .You cannot have quantitive growth and you think you are doing anything.”he stressed. “I was happy to hear the president of the World Bank talk about prosperity instead of profit,” he said.
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Speaking at the World Bank International Development Association -Africa Heads of State Summit, held in Nairobi,the Ugandan President highlighted the ongoing crisis in Africa, attributing it to long-standing philosophical, ideological, and strategic economic mistakes dating back to the 1960s. He called for a paradigm shift towards socio-economic transformation, emphasizing the importance of moving beyond mere quantitative growth to achieve qualitative change.
He emphasized the necessity of affordable production costs in transportation, electricity, and manufacturing financing for the private sector to thrive.”
“In order for the private sector to grow, it needs a low cost of production in transport, electricity and low cost finance for manufacturing.
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Museveni, known worldwide for his candid remarks, also urged for strategic reforms customized to Africa’s distinct requirements and capabilities. He promoted policies focusing on sustainable development and economic growth across the continent.
President Museveni, reiterated the importance of Africa halting the export of raw materials and instead adding value at the source to foster development.
“This bleeding from Africa must stop. The crisis seen in Africa is due to the stagnation of the last sixty years, since independence. The population is increasing and yet the economies are not,” he remarked.
Museveni’s remarks underscored the importance of implementing reforms that are responsive to Africa’s challenges and opportunities, aiming to propel the continent towards a path of inclusive growth and prosperity.
19 African Heads of State assembled at a major summit committed to focusing development aspirations across the continent. This ambitious agenda, aiming to dramatically improve lives and create new opportunities, positions the World Bank’s International Development Association (IDA) as a cornerstone for success.
Beyond pronouncements, the summit witnessed the birth of a significant partnership—a coalition uniting civil society, foundations, the private sector, and young people. The new coalition will champion a robust and ambitious replenishment of IDA’s resources, fueling Africa’s development engine.
