UDB’s strategic investments yield impressive results in Uganda’s economic development

KAMPALA, UGANDA – The Uganda Development Bank (UDB) has released its 2023 Development Impact Report, revealing impressive results from its strategic investments in Uganda’s economic development. The report highlights the bank’s significant contributions to job creation, economic growth, and social inclusion, demonstrating the effectiveness of its investment strategy.

According to the report, UDB’s investments have created and maintained 51,841 jobs, with 64% of these jobs filled by youth and 27% by women. This significant employment impact is a testament to the bank’s commitment to supporting Uganda’s economic growth and development.

In addition to job creation, UDB’s investments have generated an impressive UGX 5.8 trillion in output value, contributing UGX 236.1 billion in tax revenue to the government. This substantial contribution to Uganda’s tax base is a clear indication of the bank’s role in driving economic growth and development.

The report also highlights UDB’s efforts to promote social inclusion, with 33% of companies funded by the bank owned by women. Furthermore, 64% of jobs created and maintained are filled by youth, demonstrating the bank’s commitment to empowering young people and promoting social inclusion.

UDB’s investments have also had a significant impact on Uganda’s foreign exchange earnings, with UGX 953 billion earned from locally produced products. This increase in foreign exchange earnings is a clear indication of the bank’s role in promoting Uganda’s economic development and reducing reliance on foreign imports.

The bank’s commitment to environmental sustainability is also evident in the report, with 72% of assessed enterprises certified by NEMA. This significant achievement demonstrates UDB’s efforts to promote environmental sustainability and reduce carbon emissions.

Speaking at the launch of the report, UDB’s Managing Director, Patricia Ojangole, noted that the report underscores the substantial impact of the bank’s investments and interventions. “We are committed to measuring our impact, learning from our successes and challenges, and transparently sharing insights to promote dialogue and inform action,” she said.