Chinese capital driving Africa's development: Ugandan president

KAMPALA, Sept. 1 (Xinhua) -- Ugandan President Yoweri Museveni on Monday said Chinese investment is helping accelerate Africa's growth, particularly in infrastructure and industrial development.

Speaking at the opening of the two-day Uganda Development Finance Summit 2025 in the capital, Kampala, Museveni noted that both state-owned and private Chinese capital have played a vital role in building transport and energy projects, which he described as key to unlocking the continent's development potential.

Held under the theme "Transforming Africa through National Development Finance Architecture," the summit also highlighted the role of Chinese private investors in establishing industrial parks across Africa. Museveni said such parks not only help reduce import bills but also create thousands of jobs for young people.

"The Chinese, unlike Western lenders, seize opportunities in Africa and invest with the promise of good returns," Museveni said, urging Western financiers to follow China's example and extend affordable credit to African countries, rather than leaving them at the mercy of private lenders charging exorbitant interest rates.

China has financed two major power plants in Uganda, namely the 600-megawatt Karuma Hydropower Plant and the 180-megawatt Isimba Hydropower Plant.

The summit, attended by government officials, executives of national development banks, and multilateral financial institutions, aims to redefine financing strategies for sustainable growth across Africa. Discussions focus on tackling debt burdens, mobilizing resources, and exploring opportunities in agriculture, technology, and services.