By Frank Kamuntu
Last week, 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. In this summit, the president of Uganda had no sweet words for the World Bank, he fired ‘live verbal bullets’ at its officials accusing it of being one of the reasons why the continent’s growth is stunted.
The heads of state arrived in the East African country on April 29 for what was dubbed the International Development Association (IDA) summit, focusing on favourable 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.
“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,” Museveni who looked seemingly unhappy told off World Bank officials.
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 anti-gay laws but all these didn’t in any way shake the Ugandan government led by fearless Museveni who is highly praised by Ugandans for protecting their values and culture.
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