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President Yoweri Museveni has called for affordable financing for the development of infrastructure.

He reasoned that investment in railways, electricity, and investment in irrigation would go a long way in spurring rapid economic growth in Africa.

Museveni was on Monday speaking to his African heads of state gathering in Nairobi, Kenya for the World Bank's International Development Association (IDA21) summit.

Kenyan President William Ruto said, “Our continent possesses 60% of the world’s prime solar resources, and our untapped renewable energy potential exceeds fifty times the projected global electricity demand by 2040. However, realising this requires a shift in investment strategies."

Ruto said Africa is keen on driving its industrialisation agenda using its abundant energy, mineral, and human capital resources.

“Africa is poised to transform its agriculture, water security, and energy access while creating job opportunities for over 4 million youths entering the job market monthly and expanding our small and medium enterprises,” he added.

President Ruto urged African Heads of State and Governments to play their part by taking deliberate and robust actions to improve fiscal discipline, increase domestic revenue mobilisation, develop investor-friendly policies and enhance anti-corruption measures.

President Akufo-Addo emphasised that mobilising finance and investment is central to Africa’s development needs and achieving the 17 sustainable development goals.

The Ghanaian president said that Africa’s challenge is not a scarcity of financing, but rather overcoming a global economic system that has failed to allocate sufficient long-term resources to support Africa’s economic transformation.

“That is why boosting the resources of the IDA whose ability to generate concessional financing represents an effective way to respond to the obstacles African countries encounter in the present global system,” he said.

President Suluhu said IDA should concentrate on giving concessional loans to enhance Africa’s development financing.

Prime Minister Abiy said that increasing IDA’s financial capacity will significantly enhance Africa’s ability to address its complex challenges.

“While IDA’s existing support must be commended, the sheer scale of challenges many African countries face necessitates a renewed approach,” he said.

President Chakwera said Malawi welcomes the replenishment of the IDA as a vehicle for economic transformation.

President Mohamud said that a larger replenishment of IDA will help the Somali government achieve its national objectives of reducing poverty and creating opportunities in Somalia and Africa.

“IDA is a major lifeline that the country is relying on to enable its ambitious national transformation agenda in this hopeful post-debt relief period,” he said.