Uganda Development Bank (UDB) has unveiled the Reshaping Industries for a Sustainable Economy (RISE) Program, seeking to foster innovation, support green businesses, and promote industrialization that aligns with global sustainability goals.
This initiative comes at a time when economies are challenged by the effects of climate change, technological innovations, and the responsibility to ensure sustainable development, under which financial institutions play a vital role. It seeks to change how commercial banks deploy UDB resources in the economy to help Uganda solve the persistent challenge of balancing economic growth with environmental sustainability and social inclusion.
“RISE is set to create an ecosystem through which financial institutions, government agencies, regulators, and policymakers will harness entrepreneurial potential and create an enabling environment for developing indigenous and affordable solutions for sustainable development,” said Minister Monica Musenero at the launch of the program.
The Minister for Science and Technology also added that sustainable development has become a focal point for policymakers, businesses, and financial institutions worldwide. The traditional model of economic expansion, often characterized by resource depletion, environmental degradation, and social inequalities, is no longer viable. “The global commitment to the United Nations Sustainable Development Goals (SDGs) highlights the need for an economic paradigm shift one that prioritizes sustainability alongside profitability.”
For Uganda, achieving its ambitious target of growing the economy tenfold from USD 50 billion to USD 500 billion by 2040 requires a fundamental transformation in how industries operate. The government’s Fourth National Development Plan (NDP IV) places significant emphasis on agro-industrialization, science, technology, and innovation as key drivers of sustainable growth. However, to materialize these goals, there is a need for financing models that align with sustainability principles. This is where the RISE Program comes in.
Patricia Ojangole, the Managing Director of UDB, emphasized that RISE will allow UDB to deploy its financial resources—loans, advances, and investment portfolios in a manner that supports sustainable economic activities. “At a time when countries are not only focusing on development but sustainable development, which meets the needs of the present without compromising the ability of future generations, it is critical that the financial sector plays a catalytic role in making this future possible,” Ojangole stated.
The RISE platform is structured to drive demand for sustainable finance by transforming key societal, economic, and environmental challenges into investment opportunities. It aims to support high-tech, high-value-added, high-income, and green businesses and projects by encouraging enterprises to integrate sustainable practices into their operations, exploiting science and technology financing innovations that drive efficiency, reduce environmental footprints, and create new market opportunities.
She adds that it also looks at fueling innovation through supporting startups and established companies in developing groundbreaking solutions that address climate change, resource scarcity, and energy efficiency. Igniting Corporate and Startup Entrepreneurship Creating a funding ecosystem where businesses that prioritize sustainability receive financial backing. Aligning with Global and National Sustainability Goals – Ensuring investments contribute to Uganda’s Vision 2040, the SDGs, and international climate commitments.
The RISE Program is set to create tangible impacts across various sectors, aligning with Uganda’s national priorities: UDB will finance sustainable agricultural processing, ensuring food security while promoting environmentally friendly practices.
Supporting businesses investing in solar, wind, and bioenergy solutions to reduce Uganda’s reliance on fossil fuels. Funding industries that adopt sustainable production techniques and circular economy principles. Investing in smart infrastructure projects that drive economic growth while minimizing environmental impact.
The success of RISE depends on a multi-stakeholder approach. Financial institutions must tailor their lending models to prioritize businesses that demonstrate environmental responsibility. Government agencies and regulators must create an enabling policy environment that incentivizes sustainable investments. Private sector players must embrace eco-friendly innovations that drive both profitability and long-term economic resilience.
As Uganda Development Bank (UDB) takes the lead in launching RISE, the message is clear: sustainability is not an option but a necessity. The program presents a once-in-a-generation opportunity to reshape Uganda’s industrial base, foster inclusive growth, and build a resilient economy that thrives in harmony with nature.
By harnessing innovation, financing green enterprises, and creating an ecosystem of responsible business practices, RISE is poised to set Uganda on a trajectory toward sustainable prosperity. The challenge ahead is immense, but with a collaborative effort, Uganda can become a model for sustainable industrialization in Africa and beyond. The time to act is now.