Finance Minister Henry Musasizi has directed the Uganda Development Bank (UDB) to prioritise financing for Uganda’s key growth sectors, saying the institution’s interventions should support the country’s ambition of building a $500 billion economy by 2040.
Musasizi made the remarks during a meeting with the UDB Board of Directors and management held at the Ministry of Finance, Planning and Economic Development, where he was accompanied by State Minister for Planning Amos Lugoloobi and State Minister for Privatization and Investment Aminah Mukasa.
The ministers, who are shareholders of UDB, met with the bank’s leadership, led by Board Chairman Geoffrey Kihuguru and Managing Director Dr Patricia Ojangole to review the institution’s performance and strategic direction.
“UDB’s support must enable the people and the Government of Uganda to achieve the goal of building a $500 billion economy by 2040,” Musasizi said, urging the bank to continue focusing its resources on sectors that have the greatest potential to drive economic transformation.
UDB, Uganda’s national development finance institution, has positioned itself as a key partner in financing private-sector-led projects and commercially viable government initiatives that contribute to national development priorities.
The bank’s Board Chairman Geoffrey Kihuguru said UDB’s sector focus and interventions are aligned with the Fourth National Development Plan (NDP IV) and the government’s 10-fold growth strategy.
“We remain grateful for the confidence placed in UDB and for the sustained capitalization, strategic guidance, and enabling environment that have allowed the Bank to deepen its development impact across the country,” Kihuguru said.
Managing Director Dr Patricia Ojangole said the bank is transforming into a catalytic institution that mobilises and deploys long-term capital, including private sector financing, towards projects capable of generating sustainable economic value.
“The Bank is positioning itself as a catalytic institution that mobilizes and deploys long-term capital, including private capital, into private-sector led projects as well as commercially viable Government-led projects with clear cashflow potential,” Ojangole said.
She added that UDB is embracing technology, innovation and human capital development to improve efficiency, strengthen institutional resilience and ensure effective implementation of its strategy.
Ojangole further highlighted that the bank has introduced specialised financing programmes targeting small and medium enterprises (SMEs), women, and youth, with funding ranging from Shs50 million to Shs720 million.
