The Uganda Development Bank (UDB) has released its 2023 performance report, showcasing significant growth in loan disbursements and assets, alongside the launch of targeted funding initiatives aimed at strengthening the private sector and green economy.
The gross loan disbursements of UDB surged by 21 percent in 2023, with total assets witnessing an impressive 8 percent increase. Highlighting its commitment to supporting national development, the bank approved funding totaling UGX691 billion to back 201 projects throughout Uganda.
Under the leadership of Patricia Ojangole, the Managing Director of UDB, the institution reported a robust performance aligned with its strategic objectives. Ojangole emphasized the bank’s role as a key driver of socio-economic progress in Uganda, stressing the importance of maintaining financial sustainability while pursuing developmental goals.
A notable aspect of UDB’s activities in 2023 was its focus on targeted sectors of the economy. The majority of approved funding, 59%, was allocated to the industry sector, particularly agro-industrialization and manufacturing. Additionally, substantial investments were directed toward primary agriculture and infrastructure, reflecting the bank’s strategy to support critical areas of growth.
Furthermore, UDB demonstrated a strong commitment to fostering inclusive development by implementing special programs tailored to support SMEs, youth, and women. These initiatives, including the Business Accelerator for Successful Entrepreneurship (BASE) program, provided vital business training and advisory support to thousands of enterprises across Uganda.
In a move to address the financing challenges faced by startups and SMEs, UDB expanded its Private Equity and Venture capital portfolio, injecting funds into innovative projects with high societal impact. This initiative reflects the bank’s recognition of the importance of patient capital in nurturing emerging businesses.
Moreover, UDB introduced innovative financial solutions such as digital savings and lending options for small-holder farmers, demonstrating a proactive approach to enhancing financial inclusion and supporting rural communities.
Looking ahead to 2024, UDB is poised to build upon its achievements and further advance its mission of supporting private-sector enterprises. With plans to establish regional offices across Uganda, the bank aims to deepen its reach and effectiveness in facilitating economic growth and improving the quality of life for all Ugandans.
UDB’s performance in 2023 underscores its pivotal role in driving sustainable development in Uganda, with a focus on innovation, inclusivity, and impactful investments in key sectors of the economy.
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