President Museveni urges  African leaders to Audit intentions of World Bank loans

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President  Yoweri Kaguta Museveni has called upon African leaders to Audit the intentions of the World Bank loans, adding that, they should ensure that the loans advanced are for prosperity and not for profiteering.

The President made these remarks while delivering a keynote address at the 21st International Development Association (IDA) Africa Heads of State in Nairobi, Kenya.

“What loans are we getting as Africa, is the World Bank giving us loans for private sector-led growth or to be more independent, I call upon African brothers to audit the intentions of the World Bank loans,”  President Museveni said.

He noted that the reason there is no growth in Africa, the growth factors are neither funded nor understood, adding that, those who want to help Africa should fund the transport systems, electricity, raw material processing, and import substitution.

“Why are we being funded to import and hold seminars in the name of capacity building, “the President questioned.

The President challenged the IDA to explain why they are funding modern slavery of Africans and advised that Africa should address issues of why Africa is producing what it does not consume and consuming what it does not produce.

The International Development Association (IDA) is part of the World Bank that invests in the future of people and planets, with projects across 75 countries. Established in 1960, IDA aims to reduce poverty by providing grants and zero- to low-interest loans for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.

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