BY D SEBUNYA: The Minister of Finance, Maria Kasaijja, has commended Uganda Development Bank Ltd (UDB) for its significant growth and economic impact, as detailed in its 2023 annual performance report.
The national Development Finance Institution reported a net profit of 50 billion shillings, an increase from the 43 billion shillings earned the previous year. Kasaijja hailed this as a remarkable achievement that deserves celebration. “This performance is very spectacular and has made us very happy. It is a job well done, and the bank management ought to be thanked,” he said.
According to the bank’s performance report, its assets grew to 1.67 trillion shillings in 2023, up from 1.52 trillion in 2022. The net loan value reached 1.47 trillion shillings, compared to 1.22 trillion the previous year. This growth was attributed to new loan disbursements worth 610 billion shillings, with approved loans totaling 692 billion shillings.
To sustain and enhance this performance, the minister announced that the board of directors has decided to expand the bank’s presence nationwide, aiming to serve more people and increase its popularity. He emphasized the need for aggressive promotion of the institution.
“We have made a few fundamental decisions. First, we want the bank to publicize itself because many Ugandans, particularly in rural areas, are unaware of it. We want them to know because, in the future, it is going to be a very big bank. We are already starting to set up country stations, and the sooner we advertise ourselves to the population, the better,” he stated.
UDB Managing Director, Ms. Patricia Ojangole, reported that the bank funded 200 enterprises across 63 districts. These projects are expected to create 18,558 new jobs and generate an output value of UGX 11.4 trillion. She highlighted that “Key initiatives, including; Clean Water Access, UGX 27 billion invested, extending 774 km of water mains and constructing 1,619 public standpipes. Electricity Access, UGX 8.1 billion facilitated 38,833 new connections. Supporting Local Content,UGX 150 billion allocated to Ugandan contractors. Special Programs: UGX 21.2 billion approved, with UGX 13 billion disbursed to support youth, women, and SMEs.”
Ojangole also noted that the bank launched digital finance solutions like UDB AgriConnect, improving financial access for smallholder farmers. Projects funded in 2023 supported the private sector, increasing output value by 71% to UGX 5.8 trillion and raising tax contributions by 60% to UGX 236.1 billion. Exports of locally produced goods grew by 47%, reaching UGX 953 billion. The bank emphasized social inclusion, with 64% of jobs created filled by youth, 27% by women, and 0.25% by Persons With Disabilities (PWDs).
UDB Chairman, Mr. Felix Okoboi, reaffirmed the bank’s commitment to driving inclusive economic growth and sustainable development.