The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Uganda Development Bank on April.17 convened a pivotal roundtable with key global financial leaders to discuss the enhancement of national development banks in Africa on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington DC.
The discussions aimed to strengthen partnerships and develop strategies to propel UDB’s growth and impact across economic, social, and environmental fronts.
Led by Felix Okoboi, Board Chairman, and Patricia Ojangole, Managing Director, the meeting saw influential participants like the Finance Minister, Henry Musasizi, and representatives from the Bill & Melinda Gates Foundation, Afreximbank, African Development Bank (AfDB), and Trade and Development Bank (TDB).
Ojangole emphasized the delicate balance that national development banks must strike between financial performance and development impact.
She noted that, while UDB has consistently improved its profitability in recent years, the Bank’s core mission remains centered on driving positive change in Uganda.
Musasizi praised national development banks for providing critical long-term capital and advocated for increased governmental financial backing, noting Uganda’s lead in capitalizing UDB.
Meanwhile, Admassu Tadesse, Group President & Managing Director, Trade and Development Bank (TDB) discussed the importance of building credible national banks to attract global co-financing partnerships, while Ousmane Fall, Director of Non-Sovereign Operations and Private Sector, African Development Bank (AfDB) stressed developing strong risk management frameworks to enhance appeal to international investors.
The discussions also covered the importance of digitization in finance and the role of national development banks in climate mitigation, stressing the necessity for collaborative efforts to finance sustainable development projects.
The consensus underscored the pivotal role of national development banks in not only bridging funding gaps but also in driving innovation and sustainability to enhance the quality of life across Africa.
Last year, UDB disbursed Shs 610 billion targeting critical sectors to spur the country’s economic growth and development. The bulk of the disbursements, amounting to Shs 391 billion or 65% of the total, was injected into the industry sector, emphasizing agro-industrialization and manufacturing. Other sectors that received the loans include, agriculture, health, education, and tourism among others.
