The inaugural summit will welcome over 400 financial and development experts, policy makers, and business leaders.
Address the need to explore new financing options and sources to unlock Africa’s economic potential and accelerate growth.
Seek solutions to bridging the financial gap in the face of shrinking aid and concessional financing.
July 24, 2025: Kampala, Uganda – The Uganda Development Bank (UDB) is convening the inaugural Uganda Development Finance Summit. UDB is the country’s national Development Finance Institution (DFI).
The highly anticipated Summit, scheduled for 1-2 September 2025 at the Speke Resort Convention Centre, Kampala, Uganda, will proceed under the theme, “Transforming Africa through National Development Finance Architecture.”
This flagship event will bring together over 400 high-level participants drawn from government, national financial institutions, the private sector, academia and global finance practitioners to address the need to explore new financing options and approaches to unlock Africa’s economic potential. Through inclusive dialogue and strategic collaboration, the event aims to accelerate sustainable growth, address urgent development priorities, and chart a bold and pragmatic, forward-looking path for African economies.
This has become imperative, the conveners say, in the face of shrinking traditional funding sources such as aid and concessional financing, with Africa increasingly turning to global debt markets to meet its development needs.
However, accessing these international financial markets presents its own set of challenges, such as limited access and higher interest rates compared to other sovereign borrowers.
This situation has exacerbated a financing gap that makes it challenging to provide capital to both the public and private sectors, thus constraining economic growth and transformation across the continent.
Dr. Patricia Ojangole, the Managing Director of UDB, stated, “Hosting the Development Finance Summit underscores UDB’s commitment to catalysing the development finance agenda on the African continent. The Summit will serve as a platform for dialogue, knowledge sharing, and partnership building, focusing on fostering inclusive growth, financing sustainable projects, and addressing the challenges faced by national development banks in Africa.”
Participants at the summit will gain invaluable insights, discover innovative solutions, and forge new partnerships as the summit focuses on and explores themes ranging from the Role of National Development Banks in Catalysing Sustainable Socio-Economic Development to Financing Industrial Policy in Africa, Creating Agri-Value Chains, and making SMEs work for Africa.
It will also consider the Constraints and Opportunities facing Green Financing and how to Catalyse Investment with Blended Financing, amongst others.
Interested participants can express their interest in participating by visiting the registration page at https://ugandadevsummit.com/, which will enable them to take part and contribute to the conversations.
The Bank disbursed UGX 389 billion in 2024, growing its total assets by 7% to reach UGX 1.78 trillion
Net loans and advances increased by 9% to UGX 1.53 trillion
A total of 434 Bank-supported enterprises created and maintained a total of 55,553 jobs, a rise of 7.2%
Kampala, 18th June 2025 – Uganda Development Bank Ltd (UDB), the country’s national Development Finance Institution, has today announced its 2024 performance, highlighting a significant development impact for the country alongside sustained institutional growth.
The results, released during the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development in Kampala, reflect the Bank’s commitment to fostering economic growth, supporting community development, and delivering sustainable value for stakeholders.
In 2024, the Bank recorded a post-tax (net) profit of UGX 57.8 billion, marking a 16% increase from UGX 49.8 billion in 2023. This growth was driven by the continued strategic investments in interest-earning assets and a steadfast focus on cost prudence and efficiency.
Growth
In her speech, the Bank’s Managing Director, Dr. Patricia Ojangole, discussed UDB’s continued growth and profitability, which are driven by the Bank’s transformation and solid investment in development projects country-wide. Dr. Ojangole confirmed that during the reporting year, UDB’s total assets grew by 7%, reaching UGX 1.78 trillion, up from UGX 1.67 trillion in 2023. This growth was primarily supported by additional capital injections from the Government of Uganda and the accumulation of retained earnings.
The loan portfolio also expanded, with net loans and advances increasing by 9% from UGX 1.47 trillion to UGX 1.53 trillion, reflecting the Bank’s continued commitment to financing impactful development initiatives.
“Through 2024, UDB remained a committed partner in advancing the Government’s economic development agenda, providing targeted financial support to qualifying enterprises and enabling productive investments across priority growth sectors. UDB has made strides in facilitating private sector growth across many dimensions. The Bank has made investments in boosting agriculture and manufacturing, , whilst also unlocking and improving opportunities in the services sector,” Ojangole said on Wednesday.
To support the growth in assets, the Bank strategically reinvested UGX 437 billion collected as loan repayments, alongside UGX 80.7 billion in additional capital contributions from the Government of Uganda; this capital injection significantly strengthened the Bank’s capital base, raising cumulative capitalization from UGX 1.32 trillion to UGX 1.46 trillion, and thereby enhancing the Bank’s capacity to deliver on its development mandate.
Stimulating private sector growth
In 2024, the Bank approved UGX 454 billion in new loans to over 170 enterprises across 67 districts nationwide. These investments are projected to deliver a range of development outcomes – including the creation of 17,832 new jobs, UGX 9.7 trillion in additional output, UGX 1.8 trillion in foreign exchange earnings, UGX 1.7 trillion in profits, and UGX 455 billion in tax contributions to the Government.
During the reporting year, the Bank also disbursed UGX 388 billion in new funding to projects nationwide. As of 2024, the Bank supported 770 active projects spanning 103 districts.
UDB’s Managing Director said, “The industrial sector continued to dominate the Bank’s portfolio, accounting for 50% of UDB’s total investments. Of the UGX 822 billion allocated to industrial activities, 46.8% is directed toward agro-industrialization, 50% toward manufacturing, and 3.2% toward mineral-based industries—reflecting the Bank’s strategic focus on value addition and industrial transformation.”
Additionally, the Bank implemented various institutional initiatives to expand its support to various vital sectors and address systemic growth constraints in the economy, including the following:
Under the Business Accelerator for successful entrepreneurs (BASE), which bridges the gaps between SMEs and access to finance, BASE handles SMEs’ advisory and capacity building, focusing on youth and women. In 2024, the Bank trained 450 entities across the country. The Bank also operationalized an incubation service to support early-stage businesses in formalizing and strengthening their operations. An inaugural cohort of 71 businesses were incubated during the year.
Through its Project Preparation offering, UDB addresses technical and financial bottlenecks that often hinder the progression of viable and impactful project ideas, particularly those requiring substantial early-stage investment and technical capacity. This initiative plays a catalytic role in transforming high-potential concepts into bankable projects by providing the necessary support for their maturation. In addition to de-risking early-stage ventures, Project Preparation also facilitates the development of targeted funding initiatives that enhance access to the Bank’s financial products and services. The Bank committed UGX 5.1 billion toward preparing various projects and initiatives. Notable among these are efforts in the agriculture sector, including research to support the local development of high-yielding and high oil-content sunflower seed varieties.
The Bank also implemented the Hybrid electricity connections program, which has benefitted over 42,000 households and small businesses, and the Ugandan Contractors funding initiative aimed at providing the much-needed affordable capital for local contractors.
Creating a Sustainable Impact for Ugandans
Employment
In 2024, the Bank-supported enterprises created and maintained a total of 55,553 jobs, a rise of 7.2% (3,712 jobs) compared to 51,841 jobs in 2023. The rise was attributed to the increased number of funded businesses, following increased funding and economic activity.
Of these jobs, 59.9% were filled by youth and upto 31.3% by women.
Economic impact
The annual output of enterprises financed by the Bank increased by 3.2% yearly, rising from UGX 5.86 trillion to UGX 6.05 trillion in 2024. This performance highlights the Bank’s catalytic role in accelerating industrialization and driving broad-based economic growth.
Similarly, the tax contribution of these businesses improved to UGX316 billion from UGX236 billion in 2023.
In 2024, UDB-supported enterprises posted over UGX1 trillion in profitability, higher than UGX 869 Billion reported in 2023.
UDB-supported enterprises realized the USD equivalent of UGX1.1 trillion in forex, a 17% increase in forex earnings compared to an equivalent of UGX953. Bn earned in 2023. In 2024, the sectoral analysis of foreign exchange earnings from UDB-supported enterprises, revealed significant contributions from key sectors, notably, the agro-processing and manufacturing sectors.
Efficient Operations
The Bank continues to focus on delivering results using lean and efficient operations. In 2024, the cost-to-income ratio (excluding impairment) remained stable at 31%, consistent with the previous year.
Over the past five years, the return on assets has continued on a positive upward trajectory, rising to 3.26% in 2024 from 3.13% in 2023. Return on equity also marginally improved, increasing from 3.82% to 3.89%, underscoring the Bank’s ongoing efforts to generate value for its shareholders.
“As the Bank positions itself for greater impact, it will focus on maximising resource efficiency across financial, human, technological, and institutional capacities. Additionally, the Bank will actively explore innovative and diversified funding avenues to scale its interventions and amplify development outcomes, whilst assuring long-term value creation for its stakeholders,” said the Managing Director.
Recognition and Awards
In 2024, UDB received both local and international recognition for its accomplishments in enhancing its operations, governance, and several other parameters.
The Bank was named the 2024 Regional Bank of the Year – East Africa at the prestigious African Banker Awards, in acknowledgement of the sustained institutional performance and resilient leadership, delivering profitable, impact-driven lending while advancing green and sustainability priorities, even amid external shocks.
For the fourth consecutive year, the Bank and its Managing Director emerged as the Sustainability Leader of the Year at the Karlsruhe Sustainability Awards in Germany. This recognition recognizes the MD’s exceptional leadership in driving UDBL’s business performance through creating social, economic, and environmental values and globally advancing sustainable finance.
Credit Ratings: UDB secured a ‘AA+ (Uga)’ National Long-term Rating with a Stable Outlook. This designation, assigned by Fitch Ratings, a globally renowned credit rating agency, was accompanied by a ‘B+’ Long-Term Issuer Default Rating (IDR) with a negative outlook – the same pegged to Uganda’s Sovereign rating, reflecting the Bank’s ownership by the Government.
UDB, alongside five other Development Finance Institutions (DFIs) in Africa out of more than 80 participants, earned an AA rating from the Association of African Development Finance Institutions (AADFI).
This recognition reinforces UDB’s standing as one of the continent’s best-performing DFIs. It underlines the Bank’s commitment to excellence in meeting stringent prudential standards, particularly in governance, operational efficiency, and overall institutional performance.
The Bank received Level 5 certification under the Sustainability Standards and Certification Initiative (SSCI) Version 2, the highest level of sustainability excellence in the certification process – a testament to UDB’s commitment to consciously advancing holistic sustainability in its operations.
The Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija, lauded the Bank for its exceptional contribution towards the realization of the Country’s National Development Plan and Vision 2024.
“I am pleased that UDB’s 2024 interventions are aligned with the strategic objectives outlined in the country’s national development plan. An efficient national development financing institution, such as UDB, is critical in realizing our development goals as a country. Through UDB, the government continues to support private businesses by providing long-term and patient capital,” said Minister Kasaija.
In his remarks, the Chairman of the Board of Directors of Uganda Development Bank (UDB), Mr. Geoffrey Kihuguru, reiterated the Bank’s commitment to ensuring its long-term sustainability by exercising prudent stewardship in asset creation and deployment, and in maintaining operational efficiency.
Dr. Ojangole is the first Ugandan to receive this Award.
Second woman to be named Banker of the Year
Abidjan, Côte d’Ivoire – 29th May 2025. Dr. Patricia Ojangole, Managing Director of Uganda Development Bank (UDB)has been named Banker of the Year at the prestigious African Banker Awards.
Dr. Ojangole was announced at the 19th African Banker Awards ceremony, held Wednesday at Sofitel Hotel in Abidjan, Côte d’Ivoire, during the African Development Bank Annual Meetings.
The Banker of the Year Award recognises an influential and inspirational leader in the African banking sector whose leadership and vision have driven strong financial performance over the past year, successfully guiding their institution to new heights in the industry.
“The judging committee looked for an individual of outstanding integrity, someone who has managed to articulate a clear vision for his/her institution and who has managed to ensure his/her bank is playing an active role in enhancing socio-economic empowerment and development within the community his/her institution operates in,” the citation for the Award category states,” the citation for the Award category states.
Recipients of this prestigious award exhibit inspirational leadership, demonstrate novel best business practices, expand into new markets, are innovative in terms of new services and adaption of new technologies for customer convenience and protection mechanisms.
“It gives me great honour to receive this recognition. This Award is a foundation for me to advance Africa’s development agenda leveraging tailored financial solutions that respond to the needs of Africans in a sustainable manner,” Dr. Ojangole said of the recognition.
She added; “This is a testament of hard work, resilience, consistence and commitment to serve the region.”
For 2025, awardees paid keen attention to leadership in terms of helping empower women (through lending to women-led businesses and by promoting women to positions of leadership) as well as helping to extend credit to the real economy – namely SMEs.
In the category ‘Banker of the Year’, Dr. Ojangole was nominated alongside Abdulmajid Mussa Nsekela, Managing Director of CRDB Bank Plc; Jeremy Awori, CEO of Ecobank; Karim Awad, Group CEO EFG Holding; Léon Konan Koffi, CEO of AFG Holding; Mukwandi Chibesakunda, CEO of Zanaco Inc; and Sidi Ould Tah, President of the Arab Bank for Economic Development in Africa.
Speaking at the ceremony, Omar Ben Yedder, chair of the Awards Committee identified the private sector and banks as critical to transforming the continent.
“Thomas Sankara said the ones that feed you, rule you. To paraphrase him, we could easily say the ones that finance you, rule you. We need strong African-owned banks. The private sector is the key to unlocking scale, and banks are the fuel for driving Africa forward. African DFIs have won big because of the catalytic role they are playing in transforming the investment landscape as well as working more closely with the African private sector to support SMEs and other asset classes that are underfunded,” said Yedder.
UDB was one of only six among the development finance institutions operating in Africa that were awarded, the others being; Trade and Development Bank Group (TDB Group), African Trade & Investment Development Insurance (ATIDI), Afreximbank, Africa Finance Corporation (AFC) and Bank of Industry (BOI).
About the African Banker Awards
The African Banker Awards are a landmark annual event for African banking taking place during the annual meetings of the African Development Bank. Organised by African Banker magazine under the high patronage of the African Development Bank, the African Banker Awards celebrate excellence and best practices in African banking.
Recognising the personalities and banks that are driving Africa’s rapidly transforming financial sector, the African Banker Awards bring together industry leaders from Africa and the world. They celebrate the achievements of those who are driving growth and development and creating new economic opportunities for citizens and communities all over the continent and inspire new generations of bankers who are shaping Africa’s future.
On the same night, UDB was awarded by Uganda’s central bank among the best participating financial institutions in the Agricultural Credit Facility (ACF) and Small Business Recovery Fund (SBRF). The Bank won an Award for timely and full payments of loans due. In addition, UDB was recognized for; having disbursed the highest number of loans to projects contributing to value addition; and supporting the growth and development of Uganda’s agricultural sector.
Other UDB recognitions
In 2024, UDB won the Regional Bank of the Year for East Africa in the same Awards. The Bank was recognized for it’s outstanding contribution to the growth and development of Africa’s banking sector.
In addition, the Bank received a Silver Award (A+ rating) from the Association of African Development Finance Institutions (AADFI) for its operational efficiency, governance systems, development impact, and overall institutional sustainability.
The African Banker Awards are designed to recognise the reforms, rapid modernisation, consolidation, integration and expansion of Africa’s banking and financial system.
About Dr. Ojangole
Dr. Ojangole is a professional accountant with over 20 years of experience in Banking and Finance.
She holds a PhD in Development Finance and a Master of Philolosophy in Development Finance (cum laude) both from the University of Stellenbosch Business School, South Africa. She also holds an Executive Master of Business Administration from Eastern and Southern Africa Management Institute (ESAMI), Arusha, Tanzania; a Bachelor of Commerce (Hons) Degree from Makerere University, Uganda and has completed several leadership and management programs.
Dr. Ojangole is a Fellow of the Association of the Certified Chartered Accountants (UK); a member of the Certified Public Accountants of Uganda (ICPAU), as well as The Institute of Internal Auditors Uganda (IIA).
She is a member of the Board of Uganda Development Bank Ltd, Uganda Banker’s Association, Trademark Africa, Liberty Life Assurance (U) Ltd, Uganda and serves as a Council member at Busitema University Ltd.
Dr. Ojangole has been instrumental in transforming Uganda Development Bank into a modern and efficient institution playing a catalytical role in the government’s agenda of private sector development and job creation. Under her tenure, UDB’s balance sheet has grown tenfold from UGX 109 billion in 2013 to UGX 1.78 trillion in 2024.
Her tenure will focus on creating thriving, prosperous and advanced economies across Africa through strong national development finance institutions.
Abidjan, Côte d’Ivoire – 27th May 2025. Uganda Development Bank’s Managing Director, Dr. Patricia Ojangole, has been appointed Chairperson of the Association of African Development Finance Institutions (AADFI), the umbrella organization for development finance institutions in Africa.
Dr. Ojangole’s appointment was announced during the 51st Ordinary General Assembly of AADFI, held on May 26, 2025, at the Sofitel Hotel Ivoire in Abidjan, Côte d’Ivoire, as part of the Association’s Annual General Assembly and the celebration of AADFI’s 50th Anniversary.
“Dr. Ojangole distinguished herself as the first Vice Chairperson of AADFI from 2019 to 2025, and her elevation to Chairperson marks a historic moment – she is the first woman to hold this esteemed position since the Association’s inception,” a citation from AADFI read in part.
Adding; “Her leadership reflects UDB’s commitment to excellence, inclusion, and transformative development across Africa.”
The UDB Managing Director succeeds Mr. Thabo P. Thamane, the CEO – Citizen Entrepreneurial Development Agency (CEDA) Botswana, who has chaired the AADFI Board since June 2019.
In her acceptance speech during the General Assembly in Côte d’Ivoire on Monday, Dr. Ojangole acknowledged that it is an honor to accept the position of the Chairperson of AADFI, appreciating the General Assembly for the confidence bestowed upon her to serve both the Association and the African people.
She challenged AADFI members – who comprise over 91 member institutions made up of national, regional, and multilateral development finance institutions in Africa, and from other continents engaged in development finance activities in Africa – to reflect on whether they are making the Africanpeople prosperous.
“Are we creating good jobs in numbers that correspond with the population growth in our countries? Are we industrializing our economies? And what measures are we taking, if anything, to significantly boost exports, substitute imports and create local value chains?” she further reflected.
These, she noted, are the issues that motivated her to accept the position of Chairperson of AADFI. Adding that, her tenure will focus on creating thriving, prosperous and advanced economies across Africa through strong national DFIs.
“We will be only making good progress if we are not afraid of doing new things, accepting big challenges and come out of our comfort zone, where we follow ages old ways of governing DFIs across Africa.” The AADFI Board is responsible for conducting the Association’s activities and for supervising the General Secretariat. It comprises the Bureau, composed of the Chairman and two Vice-Chairmen. Five members representing the five sub-regions of the Continent as defined by the UN Economic Commission for Africa oras may be determined from time to time by the General Assembly; and a member elected by the Special and Honorary members.
Created under the auspices of the African Development Bank in 1975, AADFI’s objectives are; to stimulate cooperation for the promotion and financing of sustainable development in Africa, and to encourage the process of economic integration in the African region.
The Association is a founding member of the World Federation of Development Financing Institutions, which brings continentalDFIs’ Associations under one global platform. It is also a member of the Global Sustainable Finance Network. The AADFI has an Observer Status at the World Bank.
About Dr. Ojangole
Dr. Ojangole is a professional accountant with over 20 years of experience in Banking and Finance.
She holds a PhD in Development Finance and a Master of Philolosophy in Development Finance (cum laude) both from the University of Stellenbosch Business School, South Africa. She also holds an Executive Master of Business Administration from Eastern and Southern Africa Management Institute (ESAMI), Arusha, Tanzania; a Bachelor of Commerce (Hons) Degree from Makerere University, Uganda and has completed several leadership and management programs.
Dr. Ojangole is a Fellow of the Association of the Certified Chartered Accountants (UK); a member of the Certified Public Accountants of Uganda (ICPAU), as well as The Institute of Internal Auditors Uganda (IIA).
She is a member of the Board of Uganda Development Bank Ltd, Uganda Banker’s Association, Trademark Africa, Liberty Life Assurance (U) Ltd, Uganda and serves as a Council member at Busitema University Ltd.
Dr. Ojangole has been instrumental in transforming Uganda Development Bank into a modern and efficient institution playing a catalytical role in the government’s agenda of private sector development and job creation. Under her tenure, UDB’s balance sheet has grown tenfold from UGX 109 billion in 2013 to UGX 1.78 trillion in 2024.
UDB approved 171 projects in 2024, projected to create 17,832 jobs, generate profits of UGX1,778 billion, and contribute UGX455 billion in taxes, as well as bring in UGX1,808.53 billion in foreign exchange earnings.
Kasese, Uganda – UDB has reported significant year-on-year growth for 2024, showcasing robust performance across key metrics, characterized by healthy asset quality and increased development impact throughout the country.
The Bank’s loan portfolio experienced remarkable growth in 2024, increasing to UGX1.67 trillion, a testament to UDB’s continued commitment to fostering Uganda’s socio-economic development.
The Bank’s total assets grew by 3%, from UGX1.67 trillion to UGX1.71 trillion, attributed to increased funding primarily from government capital allocations and other partners.
“This solid performance reflects our unwavering commitment to driving change and fostering a prosperous future for Uganda,” Joshua Allan Mwesiga, the Bank’s Director for Strategy and Corporate Affairs, revealed during a press conference held at Bwera School of Nursing and Midwifery. This facility, which UDB funded, is vital for training future professionals in nursing, midwifery, and environmental health sciences.
“UDB is more than just a financial institution; it is a transformative force. We are devoted to empowering individuals and businesses across Uganda, stimulating socio-economic growth, and paving the way for a brighter future for our nation.”
Development Outcomes
UDB approved 171 projects projected to create 17,832 jobs, generate profits of UGX1,778 billion, and contribute UGX455 billion in taxes (Corporation tax and PAYE), as well as bring in UGX1,808.53 billion in foreign exchange earnings.
The Bank has made significant strides in supporting the operationalization of the National Development Programs approving UGX454 Billion that contributed to the different NDPIII programs. Notable contributions were made in promoting agro-industrialization, tourism development, manufacturing, human capital development (in health and education), private sector development, and regional development.
For the manufacturing sector, UGX219.67 billion was allocated for 32 projects, while 25 projects in agro-industrialization received a total of UGX88.31 billion. Additionally, 52 projects were approved under Human Capital Development, 12 for integrated transport infrastructure and services, and 32 for tourism development.
Catalyzing Private Sector Growth
The Bank approved UGX455 billion for private sector development across various regions in the country, to stimulate rapid, private-sector-led growth, enhance shared prosperity and economic expansion, and serve as a driving force for socio-economic development.
Most loan approvals (45) were in the Primary Agriculture sector, followed by manufacturing (32).
Loan Disbursements
The Bank disbursed UGX388 billion in 2024 to various projects. The Bank has over 770 active projects in 105 districts across the country.
Promoting Investment Readiness
UDB provides training, incubation programs, business advisory services, and technical support to existing and prospective customers to empower small and medium enterprises to become sustainable, profitable, and bankable. In 2024, the Bank achieved several key milestones to improve business readiness:
Established an incubation center in conjunction with Uganda Management Institute to train businesses on formalizing and operating effectively.
Incubated 71 businesses, with 60 graduating with certifications.
Conducted various nationwide activities to promote entrepreneurship, support cooperatives.
The Bank also engages in non-financial activities to address technical and financial barriers, allowing impactful project ideas to come to fruition. UDB continues implementing targeted funding initiatives that enhance access to products and services.
Driving the Green Finance Agenda in Uganda
In 2024, the Bank approved 34 projects classified as green, marking a 13% increase from the 30 green projects approved in 2023. UDB continued to seek partnerships with strategic allies to enhance its resource pool for green financing initiatives. Notably, the Bank participated in the UN Climate Conference (COP29) in Baku, Azerbaijan, where it received acclaim for its efforts in providing patient capital to private enterprises focused on low-carbon industrialization, green manufacturing, and climate-resilient infrastructure.
Specialized Interventions to Address Systemic Challenges
Financing Startups and Private Equity
In 2024, the equity pipeline achieved a remarkable 130% growth, showcasing strong performance. UDB’s equity investments are primarily aimed at financing enterprises by acquiring shareholding. The Bank recoups its investments through dividends, revenue sharing, share value appreciation, and other methods outlined in the investment agreements.
Supporting Science, Technology, and Innovation (STI)
UDB is partnering with the Science, Technology, and Innovation Secretariat to manage a UGX 6.2 billion Innovation Fund on behalf of the Government. This fund aims to support seven early-stage enterprises involved in medicine, cassava processing, and silkworm production. Additionally, the Bank actively collaborates with key players in the STI domain to identify and fund innovative projects for commercialization and scalability.
Promoting Financial Inclusion
The Bank has adopted a multi-faceted approach to enhance financial inclusion by providing credit to underserved borrowers at the grassroots level. By leveraging innovation, technology, community involvement, and partnerships, UDB effectively addresses underserved populations’ unique challenges, promoting economic participation and improving the quality of life for many Ugandans.
Serving Underserved Segments: SMEs, Youth, and Women
In 2024, UDB successfully expanded its loan portfolio for SMEs, youth, and women by 39%, increasing from UGX 33.05 billion at the end of December 2023 to UGX 49.50 billion by December 2024.
Financial Performance
The Bank’s unaudited financial results for the year ending December 31, 2024, demonstrated robust performance, with a profit after tax of UGX55.13 billion.
Recognitions and Awards
The Bank was named Regional Bank of the Year—East Africa at the 2024 Africa Bankers’ Awards in recognition of its leadership in various categories and its ability to withstand external shocks while providing socially and economically supportive lending that improves revenue and profitability, all while prioritizing green and sustainability agendas.
UDB and its Managing Director have been honored as Sustainability Leaders of the Year for four consecutive years at the Karlsruhe Sustainability Awards in Germany. The Bank was the first sustainability-rated bank on the continent and one of the first five globally. This accolade is awarded to individuals and institutions committed to creating genuine value for all stakeholders while prioritizing societal impact and environmental conservation.
Credit Ratings
In 2024, UDB retained a National Long-Term Rating of ‘AAA (uga)’ with a Stable Outlook, the highest attainable rating on Uganda’s national scale, reflecting a high propensity for government support. Fitch Ratings also affirmed UDB’s Long-Term Issuer Default Rating (IDR) at ‘B+’ with a Negative Outlook. These ratings lend credence to the UDB’s governance and long term sustainability.
UDB has consistently been rated as an A+ institution by the Association of African Development Financial Institutions (AADFI), being recognized as a Best-Performing Development Finance Institution (DFI) in Africa. This recognition is awarded to AADFI member DFIs that demonstrate excellence in compliance with various prudential standards, particularly in governance, operational efficiency, and overall financial and institutional performance.
In his conclusion, Mr Mwesiga affirmed that this upward momentum is a testament to the Bank’s unwavering commitment to sparking economic development and the Bank’s dedicated efforts in supporting sustainable projects across Uganda.
“The substantial financial growth demonstrates our resilience and highlights strategic initiatives that enhance economic stability and propel national development goals forward.”
Speaking at the event, Hon. Godfrey Kabbyanga, the state minister for National Guidance, mentioned, “I would like to extend my gratitude to the board, management, and staff of Uganda Development Bank for their diligent efforts in steering the Bank towards achieving its objectives. Your hard work and dedication are commendable, and your unwavering commitment has fostered an environment of growth, innovation, and resilience.”
“Acknowledging UDB’s role in our country’s broader development agenda is essential. In a rapidly changing economic landscape, where inflation, climate change, and global uncertainties abound, the Bank has continued to fulfill its mandate of providing financial solutions and fostering sustainable development. Your interventions in the health and education sectors have played a pivotal role in bridging the gap in skills development and facilitating the much-needed development in the health secto. As Government, we will continue to support you so as to enable you deliver on your critical mandate,” Hon. Kabbyanga said.
In conclusion, Hon. Kabbyange encouraged the people of Kasese District and the Rwenzori Region to explore this opportunity and take up affordable and patient loans from UDB for their growth.
Dr. Francis Mulekya Bwambale, a Director of Bwera School of Nursing and Midwifery (BSNM), appreciated the Bank for the support extended to the learning institution.
“We thank UDB for your continued partnership with our school.We have created employment for 33 Ugandans in the education and development sector. The over 400 students who have graduated from BSNM have joined the labour industry and are providing the much-needed healthcare that our country and region need. Each of these facility beneficiaries have families and other dependants they support for livelihoods at the community level,” Dr. Mulekya mentioned.
UDB funds helped the school in constructing and equipping; the skills/simulation laboratory for nursing and midwifery students; the ICT library to enhance computer skills and e-learning; the library that accommodates 200 students; and a multi-purpose examination hall that sits 500 students.
“As a beneficiary of UDB, the people’s Bank, BSNM Ltd has witnessed significant growth since receiving financial support from the Bank. The UDB facility has enhanced the school’s facilities and training capabilities. We are so grateful to UDB for believing in us and supporting our vision and mission,” he added.
He appealed to the government and other partners to further capitalise UDB as this is the only way to create bigger socio-economic impact.
Uganda Development Bank (UDB) took part in the recently concluded COP29 – the annual UN Climate Summit – held in Baku, Azerbaijan. This year, the focus at COP was on how to make finance available to developing countries for climate action.
Joshua Allan Mwesiga, the Director Strategy & Corporate Affairs at UDB was part of the delegation that represented the Bank at COP29. He reflects….
Our resilience to climate shocks remains constrained, therefore highlighting the urgency for joint action. Events like COP provide invaluable opportunities to unite stakeholders, share experiences, exchange ideas, and forge impactful collaborations that address climate risks and pave the way for meaningful solutions”
Why UDB participated…
“It was essential for the Bank to participate—to forge meaningful partnerships, gain valuable insights, and accelerate our access to climate finance. More importantly, it was an opportunity to collaborate, explore innovative and pragmatic approaches to climate action, and reinforce our commitment to driving impactful climate solutions for the country.
UDB hosted an Investors’ Roundtable Discussion on the sidelines of COP29 in Baku, Azerbaijan
It is widely acknowledged that the situation is deteriorating, with the gap between the funding needed to address climate risks growing ever wider.
Although funding exists, Africa is not receiving its fair share of these resources. This disparity is especially glaring when considering the funding required to meet nationally determined contributions, a gap that continues to widen with each passing year.
At UDB, we are actively pursuing accreditation so as to enable us access various green financing platforms. While the procedural requirements have somewhat made access challenging in the past, thanks to the productive engagements we had during COP, we have now realized tremendous progress.”
“Collaboration in the green space isn’t just important, t’s a game-changer. No single entity can address the complexities of climate action alone. Achieving meaningful impact requires unified efforts across the entire spectrum—from policy and intervention design to securing and deploying funding, and rigorously monitoring outcomes. True success comes from collective action, ensuring our climate initiatives ensuring that our climate initiatives deliver tangible, lasting and transformative results.”
UDB met with Global Energy Alliance for People and Planet (GEAPP) to discuss areas of strategic partnership to accelerate the green energy transition to end energy poverty in Uganda.
Move to programmatic approach
“Interventions that are project-based only scratch the surface. We need to be looking at climate action from a programmatic lens. For example, in areas prone to shocks like floods and landslides, we should focus on localised, long-term solutions rather than short-term emergency responses.
The question we need to ask is: what comprehensive, systemic, programmatic strategies can we implement to avert such crises and build resilience within these vulnerable communities?”
Deliberate action
“Many institutions often achieve climate goals unintentionally. For instance, they might adopt a technology that reduces printing and then claim success in saving trees—without having set out to reduce their carbon footprint in the first place.
This highlights the critical need for deliberate, climate-smart, and climate-conscious investments. Real progress comes from intentional strategies that prioritize and optimise sustainable practices, and proactively contribute to mitigating climate change, rather than relying on incidental outcomes.”
Engagements at COP29
“COP brought tremendous value. As mentioned earlier, we are actively pursuing accreditation with the Green Funds, which will unlock critical funding for green finance at the Bank. Additionally, we built key partnerships with organizations that have committed to walking this journey with us, further strengthening our efforts to drive sustainable change.
A team from UDB led by Managing Director Patricia Ojangole (2nd R) held a meeting with Thouraya Triki (2nd L), the Director International Partners Department, on the sideline of COP29 in Baku, Azerbaijan.
The Bank has exciting initiatives in the pipeline, for instance in waste management and mass transport. During our engagement at COP, we engaged with potential partners who are eager to collaborate with us—both in the design and co-funding of these transformative programs.
Had we not participated in COP and shared our vision, these opportunities wouldn’t have materialized. The UDB Breakfast Roundtable Discussion at COP29 played a pivotal role in demonstrating our credibility as a key actor in the climate finance space.
UDB credited for its bold steps
“At COP29, almost all the entities we engaged with lauded UDB for two key reasons: first, our bold initiative to establish an internal green finance facility; and second, the maturity of our climate finance strategy, function and operations, noting our green taxonomy, well-established policies and procedures, and robust tools for greenhouse gas accounting. Many were truly impressed by the progress the Bank has made on this journey thus far”
Integrate carbon credits
“The area of carbon credits is something we need to explore, both for ourselves in terms of our business model, and the clients we finance. Many clients are involved in projects that result in carbon sequestration (the process of capturing and storing carbon dioxide from the atmosphere, which is part of the natural carbon cycle). But they are not compensated for their efforts. Such funding is available, but the opportunities are unclear, and access remains uncertain. The information on how to tap into these resources is not readily available.
Africa must take action now
“Finally, it’s important to recognize that while we may not yet be experiencing the full brunt of climate risks, we remain quite vulnerable, as we are not resilient enough to effectively address these challenges.
Now is the time to act. We must transform the way we do business, embracing climate-resilient and climate-conscious technologies. This also means moving away from simple but harmful practices, like littering plastic bottles and bags in the drain. It starts with each one of us as individuals, and from there, it spreads to the broader community and the nation.”
The Bank was also granted the Sustainability Certification for adapting the Sustainability Standards Certification Initiative Version 2.0, at level 5 which is the highest level under the initiative
Kampala, 27th November 2024: Uganda Development Bank’s Managing Director, Patricia Ojangole, has, for the fourth year running, won the Sustainability Leader of the Year Award at the prestigious Annual Karlsruhe Sustainable Finance Awards.
UDB and its Managing Director were awarded the Sustainability Leader of the Year Award for demonstrating exceptional leadership in mainstreaming sustainability and making a recognizable impact.
In his citation, Arshad Rab, Chairman of the International Council of Sustainability Standards for Value-Driven Financial Institutions, said, “The performance of the winner in this category is monitored and assessed around the year. It requires exceptional leadership throughout the year to drive sustainability within the organization and make a recognizable impact. This is an uphill task, which Patricia Ojangole performed outstandingly.”
“Ojangole demonstrated a solid track record over the past 12 months in embracing and promoting sustainability and gained respect from her peers and colleagues globally. We congratulate her for this well-deserved recognition and applaud her for once again challenging the status quo and working with determination to achieve social, economic, and environmental sustainability in her organization and country,” the citation reads in part.
The Sustainable Finance Awards recognize financial institutions that successfully embed economic, social, and environmental sustainability into their organizational culture. They also honor organizations that have made outstanding contributions to sustainable finance and recognize CEOs who have distinguished themselves as leaders in sustainable banking and finance.
Commenting on the achievement, Ojangole said, “It is an honor to receive this acclaimed recognition for the fourth consecutive time. This Award affirms sustainability is integral to UDB’s strategic direction.”
In delivering on its mandate to support enterprises that align with Uganda’s development agenda, UDB is keen on engendering holistic sustainability.
“Sustainability Certification under the Sustainability Standards and Certification Initiative (SSCI) clearly demonstrates UDB’s commitment to create positive impact on society, the economy, and the environment and meet and exceed the needs of all our stakeholders.” Ojangole added.
“This achievement is a testament to UDB’s strong governance structure for delivering social, economic, and environmental sustainability and taking climate action through its financial and non-financial services. By excelling in adapting the holistic standards and undergoing a rigorous compliance process, the UDB has built strong organizational capacity in mobilizing, lending, and investing funds for high sustainable impact,” Mr Rab said.
“It is a major milestone for UDB and positions the Bank as a key player in creating an inclusive, green, and sustainable Ugandan economy,” Mr Rab added.
UDB has remained steadfast in upholding environmental standards and continues to adopt several ecological risk management strategies and tools. These strategies and tools identify, assess, and prioritize enterprises demonstrating a solid commitment to environmental sustainability and monitoring their operations throughout their lifecycle.
“This latest recognition solidifies UDB’s unique position as a Version 2, Level 5- sustainability certified institution. We commit to continually uphold the SSCI sustainability principles in our operations while providing a platform for peers to collaborate, share insights, and align efforts towards common objectives,” Ojangole concluded.
Baku, November 15, 2024 – The Uganda Development Bank (UDB) today convened a high-level meeting with key stakeholders on the sidelines of the 29th Conference of the Parties (COP 29) to foster partnerships aimed at mitigating climate change in Africa and integrating climate considerations into development finance.
Led by the Bank’s Managing Director Patricia Ojangole, the Climate Finance Breakfast Roundtable brought together a diverse group of participants from the sustainability and finance sectors, including government officials, financial institutions, and international organizations operating in Africa and other developing regions.
During the high-level meeting, the panel underscored the urgent necessity of directing more financial resources towards climate-friendly projects. Speakers shared practical examples and strategies for financing green projects and highlighted opportunities for cooperation and co-investment.
Ojangole emphasized that while developing nations like Uganda are on the frontlines of climate change, they also show innovation and contribute valuable solutions to the climate crisis. She stressed that climate-responsive investment in Uganda and the broader African continent is imperative.
“The Bank established the Climate Finance Facility to coordinate green financing initiatives in the Bank, provide technical support in structuring green interventions, provide guidance regarding the green financing options, identify and assess low carbon and climate resilient investments, and propose suitable adaptation and mitigation strategies for projects. The idea is to deliberately finance interventions that target reducing emissions and building the resilience of Ugandans to the impacts of climate change,” she said.
Additionally, she highlighted the supportive policy environment in Uganda as a key draw for investors keen on supporting climate projects in the country. “As UDB we have been able to develop a robust policy framework that supports our engagements with governments, funders, partners and other stakeholders.”
Ojangole argued that the Bank is not only focused on mobilizing climate finance, but on building a pipeline of bankable projects. “We’re working with the private sector to be able to structure projects in a way that capital can be mobilized. When you do that then it becomes easy to engage partners.”
She stressed that the Bank has successfully mainstreamed climate considerations into all facets of its operations. “There has been a mindset shift within the Bank and what we have done is to mainstream climate consideration. We now talk about agrifood systems, sustainable industrialization and a sustainable service sector.”
Ibrahima Cheikh Diong, the newly elected Executive Director of the Fund for Responding to Loss and Damage, noted in his keynote address that the climate crisis has escalated to the level where some impacts already go beyond what people can adapt to, such as the loss of life and livelihoods due to extreme floods and wildfires.
Diong called on governments in Africa to view climate change not as a crisis, but an opportunity to accelerate development and enhance access to water, energy and transportation in a sustainable way. To achieve this, policymakers must prioritize developing the right set of incentives to build a pipeline of bankable projects and attract private investors.
“The whole issue is around incentives. What is the government willing to do in terms of policy incentives to make climate projects attractive to investors; what is the government prepared to do to make sure public private partnerships are possible.”
Joseph Ng’ang’a, Vice President for Africa, Global Energy Alliance for People and Planet (GEAPP), who was the special envoy overseeing last year’s Africa Climate Summit emphasized the need to take a regional approach to achieve scale, as well as attract international partners. “Private capital must get the right risk return ratio to be attracted. We must think from a systems perspective and a regional perspective to ensure that we’re optimizing,” he stated.
Nganga lauded Uganda’s government for establishing a progressive and competitive policy environment. “Uganda is showing tremendous leadership and is very innovative in terms of driving green investment.
It set out a high-grade funding system to encourage electricity connections to the poorer parts of the country to ensure that everyone has access to electricity.”
Marco Serena, Group Chief Sustainable Impact Officer, The Private Infrastructure Development Group (PIDG), stressed the importance of building climate-resilient infrastructure in Africa, while Lanre Shasore, Senior Advisor for Energy Transition Planning at Sustainable Energy for All (SEforALL), emphasized the organisation’s collaborative efforts with the United Nations and leaders from the government, the private sector, financial institutions, and philanthropies.
She stated that these partnerships aim to accelerate progress toward achieving Sustainable Development Goal 7, which seeks to ensure access to affordable, reliable, sustainable, and modern energy by 2030. She also highlighted the currency risks facing different African economies, citing the example of Nigeria. Domestic banks, pension funds and financial institutions, she noted, play a critical role in mitigating these risks and providing partners with the tools to invest with confidence.
UDBL’s Credit Director, Samuel Edem-Maitum (L) receives a Certificate of Recognition from CPA Rehema Nakirembe (R) during the 29th CPA Seminar at Imperial Resort Beach Hotel in Entebbe
Uganda Development Bank Limited (UDBL) has expressed its willingness to partner with the Institute of Certified Public Accountants of Uganda (ICPAU) in creating a robust ecosystem that supports sustainable economic growth, enhances financial transparency, and builds public trust.
The pledge was among what formed discussion during the recently concluded CPA Annual Seminar held at Imperial Resort Beach Hotel in Entebbe. The week-long seminar which brought together close 2000 accounting professionals was themed on driving sustainability and trust.
Addressing the seminar, UDBL’s Credit Director, Samuel Edem-Maitum, made a case for how ICPAU and UDBL can work to drive sustainability and trust.
He highlighted the importance of CPAs providing assurance of financial reports as these form critical basis for Credit Assessments and Decision make for Lending.
Another area would be in provision of Advisory Services to clients on Financial and Debt Management – Preparation of Business Plans and Projections which integrate sustainability concerns. In addition to developing appropriate localized Sustainability Reporting Standards (ESG) and encouraging entities to adopt them in line with international best practices but considerate of National Development aspirations.
UDBL is a recipient of international recognition for the Bank’s strong financial and sustainability strengths. The Bank is rated by Fitch, EOSD/SSCI Council and GCR. In July 2022, the Bank commenced the recertification process under the more rigorous version 2 of the Sustainability Standards and Certification Initiative (SSCI) following its initial certification in July 2020 in which the Bank was awarded the SSCI Level 5 Certification. Since then, the Bank has enjoyed numerous benefits that have positioned it for sustained success in meeting the needs of all its stakeholders.
In the same year, the Bank and its Managing Director, Ms. Patricia Ojangole, were named Sustainability Leader of the Year 2022 at the Karlsruhe Sustainability Awards Ceremony that was held during the Global Sustainable Finance Conference which took place in Germany.
This made UDBLthe first sustainability rated Bank on the continent & one of the first five globally consistently rated an A+ institution by the Association of African Development Financial Institutions (AADFI) as a Best Performing development finance institution. The Bank was awarded Regional Bank of the Year – East Africa, at the 2024 Africa Bankers’ Awards.
At the CPA seminar which brought together accountants and other professionals from the different sectors of the economy, emphasis was placed on how critical it is for organizations and companies to adopt financial reporting standards.
Dr. Ndidi Nnoli-Edozien, a board member of the International Sustainability Standards Board (ISSB), who delivered the keynote address at the opening ceremony lauded the progress Africa has made on the standards compliance front, said ISSB standards are necessary in enhancing investor-company dialogue on sustainability-related disclosures that are both comprehensive and reassuring.
Delegates attending the 29th CPA Seminar at Imperial Resort Beach Hotel in Entebbe
“As of 2024, there are 20 key jurisdictions that have embraced ISSB Standards in their legal or regulatory frameworks. Together, these jurisdictions account for 55 percent of the global Gross Domestic Product (GDP), 40 percent of global market capitalization and over 50 percent of global greenhouse gas emissions,” Dr. Ndidi said.
She said ISSB is working with the Africa Development Bank (AfDB) to help and direct public and private finance to where it is needed most on the African continent.
“What we at ISSB are doing is developing standards and supporting you on this journey so that these standards are not just interoperable with the other standards but also ensuring that we are able to provide the necessary capacity-building support over time to ensure that adoption, whether mandatorily or voluntarily, is proportionate, cost-effective and useful in terms of providing useful information that is required by investors to unlock capital flows,” she further told the seminar.
The CPA seminar has become a coveted platform for accounts and other financial professionals to discuss and share thoughts on issues pertaining to the accounting profession, personal development and available networking opportunities. The event brings together a collection of distinguished speakers with diverse experiences and backgrounds to share their views on topical issues relating to the accountancy profession, personal being and prosperity.
Uganda’s economic landscape in July 2024 shows resilience with steady business optimism and a stronger shilling, but a widening trade deficit poses a challenge. Strategic investments and government interventions are crucial to sustaining growth amidst global uncertainties.
Uganda Development Bank Blog 