President Museveni has said economic development in Africa has been hampered by leaders who lack vision and who have no integrity.
Museveni made the remarks at Speke Resort Munyonyo while officially opening the Uganda Development Finance Summit organised by Uganda Development Bank (UDB).
“Africa is 250 years behind Europe because most of the leaders neither have vision nor integrity. They are corrupt,” Museveni said.
The president said the fragmentation of the market cannot support growth that is why he has been at the forefront of pushing for integration of East Africa and Africa.
He said Uganda will capitalise the UDB to reduce on our reliance on foreign funders.
“We must all support UDB to become strong and support our businesses,” he said.
The two day summit will bring leaders from across sectors to chart pathways for Africa’s sustainable transformation.
Participants explored how to build supportive ecosystems, finance innovation, and create sustainable opportunities for Africa’s youth, among other topics.
Dr Patricia Ojangole, the managing director of UDB said in this era of complexity, we must build resilient, inclusive, and locally anchored financial systems.
“Our continent is rich, yet challenged by global shifts—climate change, digital transformation, evolving trade dynamics, geopolitical tensions, the shrinking fiscal space amidst limited domestic revenue mobilization, greater need to create jobs for the youth, and the urgent need for socio economic transformation,” Ojangole said.
Arshad Rab, CEO, European Organisation for Sustainable Development & Chairman, International Sustainability Council said this era is defined by cutting-edge technologies, disruptive business models, innovation, and an unwavering commitment to building high-value economies that will shape the future of nations.
