Bank using sustainability to drive Uganda's socio-economic development
Summary
"UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda,” said UDB Managing Director, Patricia Ojangole.
Uganda Development Bank Ltd (UDB), the country's national development finance institution (DFI), has announced its 2023 annual performance, highlighting its continued pivotal role in fostering economic resilience and sustainable growth across key sectors of the economy.
UDB, the first African DFI to be sustainability-certified by the European Organisation for Sustainable Development (EOSD) under its Sustainability Standards and Certification Initiative (SSCI), said its net loans expanded to UGX1.47 trillion (USD394 million) in 2023, reflecting robust support to the private sector.
"UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda,” said UDB Managing Director, Patricia Ojangole. “Our focus on key priority sectors underpins our mission to deliver high socio-economic value and support Uganda's long-term development goals."
Sustainability-certified in 2020, UDB has been implementing its institutional purpose, which is to “improve the quality of life of Ugandans.”
In 2023, the bank approved funding of UGX692 billion (USD186 million) in new loans to over 200 enterprises in 63 districts nationwide. The projects, upon full implementation, are expected to create 18,558 new jobs and generate an output value of UGX11.4 trillion (USD3.1 billion), from which UGX616 billion (USD165 million) will be generated as tax revenue to the government, and UGX3.34 trillion (USD896 million) in foreign exchange earnings, the bank writes in annual report.
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