The Uganda Development Bank has officially opened its Eastern Regional Office in Mbale City, as the institution reports a growth with total assets rising to Shs2.28 trillion in 2025.
The new office, located on Masaba Road will serve the sub regions of Elgon, Teso, Bukedi, Busoga and Karamoja in a bid to bring development financing and advisory services closer to businesses and communities in Eastern Uganda.
The expansion comes amid improved financial performance by the bank, with total assets growing by 24% supported by Shs438 billion in new funding from government capital contributions and external lines of credit.
“Our gross loan portfolio also expanded to Shs1.77 trillion, with 60% of this invested in primary agriculture, agro industry and manufacturing, demonstrating our continued focus on driving real sector growth,” said Joshua Allan Mwesiga, Director Strategy and Corporate Affairs at UDB.
He added that the bank approved Shs518.4 billion for 120 projects across the country in 2025, with 50% directed towards agriculture, agro industrialisation and manufacturing, while key service sectors such as tourism, education and health accounted for 12%.
“These investments underscore UDB’s role as a catalyst for private sector led growth and national development,” Mwesiga said.
The bank projects that the 120 financed projects will create more than 33,600 jobs, mainly for the youth, while generating output worth Shs5.2 trillion and profits of Shs2.76 trillion.
“They are also expected to contribute about Shs918.7 billion in corporation tax and generate Shs2.79 trillion in foreign exchange earnings, strengthening the country’s balance of payments,” Mwesiga noted.
The Mbale regional office will offer long term financing of up to 15 years, alongside business advisory, project preparation and investment support across sectors such as agriculture, manufacturing, tourism, education, health and construction.
Steven Kakonge, Senior Investment Manager for Agriculture at UDB said the office will act as a strategic hub for unlocking the region’s economic potential.
“With opportunities such as tourism offering significant potential, where increased visitor numbers could greatly boost local economies, UDB is proud to be part of transforming the region and improving the lives of Ugandans,” Kakonge said.
Managing Director Dr Patricia Ojangole said the expansion is part of a broader plan to strengthen the bank’s national presence.
“Today represents a significant step forward as we broaden our reach and expand the Bank’s capacity to deliver on our mandate. Until now, we have operated from Kampala, Gulu and Hoima, supported by mobile teams across more than 105 districts,” Ojangole said.
She added that the bank plans to establish additional regional offices in Mbarara and Arua.
“With the launch of the Mbale Regional Office, we are deepening our presence in Eastern Uganda and strengthening our ability to serve clients closer to where they live and do business,” she said.
Ojangole noted that over the past five years, the bank has disbursed more than Shs200 billion into nearly 100 projects across Eastern Uganda.
“Between 2021 and 2024, projects financed by UDB in Eastern Uganda created and maintained over 7,000 jobs, generated output of Shs1.3 trillion and contributed Shs67 billion in corporation tax,” she said.
Local leaders welcomed the move, describing it as timely in addressing the financing gap in the region.
Mbale District Chairperson Muhammad Mafabi said the presence of the bank will unlock investment opportunities.
“The establishment of Uganda Development Bank’s Eastern Regional Office presents a timely solution to the financing gap faced by businesses in the region. With access to long term affordable financing, businesses can now invest in expansion, machinery and value addition,” Mafabi said.
Mbale Mayor Elect Joyce Matuka Kidulu said the city is ready to support initiatives that drive inclusive growth.
“Today, we see the positive changes taking shape, from new buildings to improving infrastructure, which signal a brighter future for our people. We are committed to working together and supporting initiatives that uplift our community,” she said.
UDB aims to continue with its efforts in sustainable financing solutions that drive job creation, boost productivity and strengthen exports.
