UDB opens Hoima branch to tap into Bunyoro’s oil economic boom

Hoima City, Uganda — The Uganda Development Bank (UDB) has expanded its footprint to the Bunyoro Sub-region with the opening of a new regional branch in Hoima City, a move expected to unlock financing for the fast-growing economic corridor shaped by oil discoveries and major infrastructure projects.

The branch, launched on Thursday, November 27, 2025, comes as Hoima cements its position as the nucleus of Uganda’s emerging petroleum economy—host to the oil refinery, the East African Crude Oil Pipeline (EACOP), the international airport, and the newly announced Hoima Stadium.

Speaking at the launch, UDB Managing Director Dr. Patricia Ojangole said the expansion reflects the Bank’s ambition to scale up support for Uganda’s development agenda and ensure that the benefits of the oil economy spread to local enterprises and communities.

“Today represents another significant step forward as we broaden our reach and strengthen the Bank’s capacity to deliver on our mandate,” Dr. Ojangole said. “Uganda’s ambition to grow the economy tenfold by 2040 requires strong catalytic institutions, and UDB is fully committed to playing that role.”

Dr. Ojangole noted that UDB has evolved beyond traditional lending and now offers project preparation, business advisory support, capital mobilisation, and structuring of major investments. She said the new regional office is part of a wider effort to bring financial and technical services closer to micro, small, and medium enterprises—many of which remain underserved despite driving much of Uganda’s economic activity.

With the region poised for rapid transformation due to oil and gas investments, she added that UDB will prioritise financing local content participation, value-addition industries, sustainable agriculture, and eco-tourism.

“This branch is a declaration: that no region is too far, no community too small, and no dream too ambitious to deserve access to opportunity,” she said. “Today, we do not simply cut a ribbon—we ignite a flame—a flame of enterprise, resilience, and shared prosperity.”

The launch was presided over by Hon. Jeniffer Namuyangu, State Minister for Bunyoro Affairs, who represented the Minister of Finance, Hon. Matia Kasaija. She praised UDB’s impact in expanding productive sectors and enabling businesses to create jobs, pay taxes, and raise household incomes.

“There is compelling evidence that businesses supported by UDB have delivered socio-economic gains,” she said, adding that the new office is expected to spur inclusive growth through affordable long-term finance and improved productivity in the region.

Minister Namuyangu said Bunyoro presents vast potential in manufacturing, tourism, primary agriculture, agro-processing, and the oil and gas value chain, and urged businesses in the Albertine region to make full use of the Bank’s financial and non-financial services.

She also reaffirmed government’s increased investment in the national development bank.

“In the 2025/26 financial year, government allocated an additional UGX 1 trillion to capitalize UDB. A stronger UDB will strengthen local firms, reduce the cost of doing business, attract foreign investment, and support the growth of small and medium enterprises.”

UDB’s Director of Investment, Mahamoud Andama, said the Bank has already financed 26 enterprises in Bunyoro since 2020, worth UGX 25.47 billion, across agro-industrialisation, education, tourism, primary agriculture, industry and infrastructure.

“Our mandate is clear: to accelerate Uganda’s growth through sustainable financing that supports high-impact private-sector investments,” he said.

Leaders in Hoima described the new office as a long-awaited milestone that will remove barriers to affordable financing.

Patrick Isingoma, Hoima Municipality MP, said access to capital has been one of the biggest constraints for local entrepreneurs.

“UDB’s presence in Hoima is a real game changer. It brings the lowest-cost capital closer to our communities and opens opportunities beyond the major cities,” he said. “This is a major opportunity and responsibility for our region.”

Hoima City Mayor Brian Kaboyo welcomed the Bank at a pivotal moment, saying the city is bracing for surging demand for hotels, accommodation and other business services ahead of oil-related activities and the upcoming stadium developments.

“UDB’s presence couldn’t have come at a better time,” Kaboyo said.

The Hoima branch is expected to serve as a gateway to credit, advisory services, and investment opportunities for thousands of businesses in Bunyoro and the broader Albertine region. UDB says its long-term goal is to ensure that the oil and gas boom fuels inclusive and sustainable development—lifting local enterprises, creating jobs, and strengthening the region’s economic resilience.

With the ribbon officially cut, the Bank says its next mission is clear: to transform the region’s potential into real, measurable prosperity.