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UDB posts robust performance for 2024; hailed for supporting Bwera School of Nursing and Midwifery
Kasese, Uganda | THE INDEPENDENT | Uganda Development Bank Limited (UDB) has reported significant year-on-year growth for 2024, showcasing robust performance across key metrics, characterized by healthy asset quality and increased development impact throughout the country.
The Bank’s loan portfolio experienced remarkable growth in 2024, increasing to Sh1.67 trillion, a testament to UDB’s continued commitment to fostering Uganda’s socio-economic development. UDB is the country’s national Development Finance Institution (DFI), mandated to accelerate socio-economic development through sustainable financial interventions, debt and equity.
The Bank’s total assets grew by 3%, from Sh1.67 trillion to Sh1.71 trillion, attributed to increased funding primarily from government capital allocations and other partners.
“This solid performance reflects our unwavering commitment to driving change and fostering a prosperous future for Uganda,” Joshua Allan Mwesiga, the Bank’s Director for Strategy and Corporate Affairs, revealed during a press conference held at Bwera School of Nursing and Midwifery. This facility, which UDB funded, is vital for training future professionals in nursing, midwifery, and environmental health sciences.
“UDB is more than just a financial institution; it is a transformative force. We are devoted to empowering individuals and businesses across Uganda, stimulating socio-economic growth, and paving the way for a brighter future for our nation.”
Development Outcomes
UDB approved 171 projects projected to create 17,832 jobs, generate profits of Sh1,778 billion, and contribute Sh455 billion in taxes (Corporation tax and PAYE), as well as bring in Sh1,808.53 billion in foreign exchange earnings.
The Bank has made significant strides in supporting the operationalization of the National Development Programs approving Sh454 Billion that contributed to the different NDPIII programs. Notable contributions were made in promoting agro-industrialization, tourism development, manufacturing, human capital development (in health and education), private sector development, and regional development.
For the manufacturing sector, Sh219.67 billion was allocated for 32 projects, while 25 projects in agro-industrialization received a total of Sh88.31 billion. Additionally, 52 projects were approved under Human Capital Development, 12 for integrated transport infrastructure and services, and 32 for tourism development.
Catalyzing Private Sector Growth
The Bank approved Sh455 billion for private sector development across various regions in the country, to stimulate rapid, private-sector-led growth, enhance shared prosperity and economic expansion, and serve as a driving force for socio-economic development.
Most loan approvals (45) were in the Primary Agriculture sector, followed by manufacturing (32).
The Bank disbursed USh388 billion in 2024 to various projects. The Bank has over 770 active projects in 105 districts across the country.
Kabbyanga hails UDB
Speaking at the event, Godfrey Kabbyanga, the state minister for National Guidance, hailed officials of UDB for a sterling performance.
“Acknowledging UDB’s role in our country’s broader development agenda is essential. In a rapidly changing economic landscape, where inflation, climate change, and global uncertainties abound, the Bank has continued to fulfill its mandate of providing financial solutions and fostering sustainable development.”
He added that, “Your interventions in the health and education sectors have played a pivotal role in bridging the gap in skills development and facilitating the much-needed development in the health secto. As Government, we will continue to support you so as to enable you deliver on your critical mandate.”
Kabbyanga encouraged the people of Kasese District and the Rwenzori Region to explore this opportunity and take up affordable and patient loans from UDB for their growth.
Dr. Francis Mulekya Bwambale, a Director of Bwera School of Nursing and Midwifery (BSNM), appreciated the Bank for the support extended to the learning institution.
“We thank UDB for your continued partnership with our school. We have created employment for 33 Ugandans in the education and development sector. The over 400 students who have graduated from BSNM have joined the labour industry and are providing the much-needed healthcare that our country and region need. Each of these facility beneficiaries have families and other dependants they support for livelihoods at the community level,” Dr. Mulekya mentioned.
UDB funds helped the school in constructing and equipping; the skills/simulation laboratory for nursing and midwifery students; the ICT library to enhance computer skills and e-learning; the library that accommodates 200 students; and a multi-purpose examination hall that sits 500 students.
