Overview:
Participants agreed that national development banks should work together with regional and global financial institutions to amplify impact and expand capital options.
Washington, DC – In a bid to drive sustainable development and economic growth, the Uganda Development Bank (UDB) convened a high-level meeting with key stakeholders on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings.
The meeting brought together UDB’s leadership, including Chairman Felix Okoboi and Managing Director Patricia Ojangole, with prominent stakeholders, including government officials, development bank executives, and philanthropic leaders. The discussions focused on fostering partnerships, exchanging insights, and charting a course for UDB’s transformative journey.
Ojangole emphasized the need for national development banks to strike a balance between financial performance and development impact. “Our core mission is to drive positive change in Uganda, and we commit to supporting underserved sectors such as SMEs, which play a critical role in the economy,” she said.
Henry Musasizi, Minister of State for Finance, Planning and Economic Development, reiterated the government’s support for UDB’s strategic and financial initiatives. “National development banks are crucial to Africa’s development, and we pledge our continued support to help them achieve their purpose,” he said.
The meeting highlighted the importance of collaboration and partnerships in driving sustainable development. Participants agreed that national development banks should work together with regional and global financial institutions to amplify impact and expand capital options.
The discussion also touched on the need for innovation, robust risk management systems, and patient capital to drive development impact. The rapid pace of digitization in finance and the need for climate mitigation and sustainability were also central themes.
By forging strategic partnerships and pooling resources, UDB aims to expand its balance sheet and support development projects at scale, bridging the funding gap for climate change and sustainable development. The meeting sets a promising tone for the future of sustainable development in Africa.