The inaugural Uganda Development Finance Summit 2025 officially began, yesterday setting the stage for dynamic discussions, networking, and innovative solutions to Africa’s pressing economic challenges.
Organised by Uganda Development Bank [UDB], the two-day summit being held at Speke Resort Munyonyo, Kampala has attracted delegates from across the globe, marking a pivotal moment for Africa’s economic transformation.
The opening ceremony saw a keynote address from Yoweri Museveni who was accompanied by his Janet. Museveni underscored the importance of vision, integrity, and patient capital for Africa’s growth, highlighting the crucial role of development finance institutions in driving sustainable progress.
“We must prioritise vision, integrity, and patient capital to transform Africa,” said Museveni.
He added, “Development finance institutions are essential for balancing impactful infrastructure and integrating millions of Ugandans into the economy. We need a government institution like the Uganda Development Bank, which focuses on development rather than profit.”
The President also called attention to the challenge posed by commercial banks, citing high interest rates of 22 percent despite inflation being below 5 percent. He proposed the need for a shift towards more development-oriented financial institutions to drive long-term prosperity.
In her remarks for today, Monica Musenero, Uganda’s Minister of Science, Technology, and Innovation, echoed the sentiment, emphasising the transformative power of technology.
“All nations have three vital resources: Natural resources, human capital, and technology. It is the technology that will amplify value,” Musenero asserted.
He further noted, “We must ensure that technology is at the core of Africa’s development agenda.”
The summit also featured insightful perspectives from renowned international experts such as Prof. Jeffrey Sachs of Columbia University. Sachs called for Africa to borrow more from abroad, but with a longer-term focus, citing the region’s limited access to credit and the impact of short-term loans on economic growth.
“Africa’s debts are not too high; they only appear so relative to low GDP levels,” Sachs remarked. “The focus must be on rapid growth and the investments needed to achieve it, without letting debt distress narratives derail long-term thinking.”
Sachs further emphasised that Africa’s population is poised to reach 25 percent of the global total by 2050, which will position the continent at the heart of the global economy. He urged the continent to look beyond traditional Western financial partnerships and embrace collaborations with emerging economies such as China and India.
The importance of empowering Africa’s youth and women was also highlighted on Tuesday by Justine Lumumba Kasule, Minister in the Office of the Prime Minister. She lauded the Uganda Development Bank for creating opportunities for women and youth through targeted financial facilities.
“When government programmes are complemented by financial institutions, the result is not just growth but transformation. Women and youth become employers, farmers are linked to markets, and communities gain access to better services,” Kasule said.
The summit’s parallel session on Economic Transformation in a Technologically Driven World was moderated by Collin Babirukamu, Executive Director of IT at the Bank of Uganda. This session brought together Musenero, Arshad Rab, CEO of the European Organisation for Sustainable Development, and Edem Adzogenu, Executive at Afrochampions, to discuss the future of Africa’s tech ecosystem.
“Technology is set to transform every industry, but Africa risks being left behind if we don’t act now,” said Rab. “We must optimise limited financial resources to close the gap and align government priorities with the needs of the tech sector.”
Didas Kayiranga, Resident Underwriter at ATIDI, discussed the role of capital markets in unlocking potential for SMEs and entrepreneurs. He shared success stories of regional trade initiatives, including the customs transit scheme that is simplifying cross-border trade and reducing transportation costs in East Africa.
“We have removed the tedious process of buying a bond at every border, streamlining trade between countries like Kenya and Burundi,” Kayiranga explained.
The summit also featured Prof. David Luke, a leading trade economist from the London School of Economics [LSE], who delivered the keynote address on the importance of intra-African trade. He highlighted the impressive 12.4 percent increase in intra-African trade reported by Afreximbank and emphasised that trade flows are a cornerstone of Africa’s development.
