Uganda's President Yoweri Museveni has just delivered a moving speech at the International Development Association (IDA) Africa Heads of State Summit in Nairobi, Kenya, emphasizing the urgent need for the World Bank to shift from profiteering agenda to prosperity in Africa.

The summit has been called to among other things, to outline key financing priorities for Africa and advocate for a substantial replenishment of resources for the International Development Association (IDA), known as IDA21.

In his address early on Monday, President Museveni expressed his frustration with the conduct of the World Bank's financial relations with African nations especially on credit.

"I am tired of all these stories...these neo-colonial civil servants who have been holding us back, i have put my foot down, i don't want to hear those stories... and Uganda is developing and it will develop because i don't entertain that nonsense anymore," President Museveni said.

He added, "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 seminars. So if you are serious, i need to hear about the low cost funding for manufacturing, not for stories...for manufacturing."

The International Development Association is the World Bank's fund for the so called poorest countries.

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Museveni recognised the World Bank president for advocating prosperity over profiteering, marking a significant departure from traditional economic paradigms.

"This has been the problem, the problem has been profiteering," President Museveni stated. "Now the World Bank people and other groups have been talking of sustainable development."

The Ugandan President underscored the necessity of socio-economic transformation for the African continent, emphasizing that mere quantitative growth is insufficient. "Africa needs socio-economic transformation," he asserted.

President Museveni drew attention to the enduring challenge of accessing financial resources tailored to support genuine development initiatives. "So I had now to use my own money because I couldn't get, I couldn't borrow money from anybody," he said.

Addressing the allocation of loans, President Museveni criticized the prevailing focus on capacity building and information and communication technology (ICT) without meaningful integration into key sectors such as agriculture and industry. "ICT is a communication system mainly," he remarked. "What are you going to communicate on that communication?"

With a blend of humor and conviction, President Museveni questioned the obsession with digitization, humorously asking, "Now digital digital digital.....are you eating computers, have I seen anybody eating computers?" He urged a shift towards practical applications of technology in sectors vital for economic growth.

He also outlined areas where the World Bank and other financial institutions should focus if they are serious about developing Africa.

"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," Museveni said.

He 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."

The two-day summit recognises the pressing need to address Africa’s development challenges, ranging from infrastructure deficits to healthcare and education disparities.