Uganda Development Bank (UDB), the country’s Development Finance Institution (DFI) on Friday launched its inaugural regional office situated in Gulu City aimed at serving Northern Uganda.
According to the UDB Press statement, the Gulu City office, Situated along Lower Church Hill Drive, will act as a liaison point for all the districts that constitute Northern Uganda and will enhance the Bank’s reach in serving the financial and non-financial needs of the business community in Northern Uganda.
“Launching the Northern Uganda office is a significant milestone in our journey as UDB, and we thank the people of Gulu City and its neighboring areas for welcoming us with enthusiasm. The expansion of our presence in this fast-growing and vibrant region underscores our commitment to serve the people of Uganda, providing them with easier access to our comprehensive range of products, services and interventions,” Patricia Ojangole, the Managing Director of UDB said in a statement.
Ms Ojangole said;consistent with the Bank’s mandate to accelerate socio-economic development in Uganda through sustainable financial interventions, the office will support projects within the private sector that demonstrate the potential to deliver high socio-economic value.
She highlighted these projects to include; Primary Agriculture, Industry (to include agro-industrialization, manufacturing, knowledge-based industries, and extractives), and Services (health, tourism, and hospitality, education, science, technology, and innovation) and Infrastructure.
“UDB’s journey has always been fostered by our unique mandate as a catalyst for Uganda’s socio-economic development.. We have come a long way, and today, we take yet another significant step in our mission to deliver this mandate,” Ojangole added.
While officiating the launch of this office, the State Minister For Northern Uganda, Hon. Grace Kwiyucwiny, said the arrival of UDB in the region ushers in a great promise and opportunities for the region.”
“I want to extend my warmest congratulations to the Bank on this significant milestone and officially welcome them to our vibrant and dynamic community. I also urge entrepreneurs, farmers, and the business community in the region to take full advantage of the services UDB offers. Let’s work together to make the most of this opportunity and continue the remarkable transformation of Northern Uganda.” Hon. Kwiyucwiny said.
UDB has been operating with one office located in Kampala.
Ms. Ojangole added that; to improve efficiency and deepen financial inclusion across the country, the Bank is establishing regional representative offices.
“These offices will be strategically located in Gulu and a few other regional cities in the country”, she added.
The need for the Bank to have a regional footprint supports the Bank’s strategy in ensuring the effective delivery of the various strategic objectives and initiatives. Through the establishment of regional Business offices, the Bank will be able to strengthen its role as Uganda’s National Development Financial Institution and hence leverage investment opportunities that exist in every region of Uganda.
Uganda Development Bank Limited (UDB) is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development in Uganda through sustainable financial interventions. Consistent with this mandate, the Bank supports projects within the private sector that demonstrate the potential to deliver high socio-economic value, in terms of job creation, improved production output, tax contribution, and foreign exchange generation, among other outcomes. These projects fall within the key priority sectors of our economy and are in line with Uganda’s development priorities.
Uganda Development Bank (UDB) aligns its sector priorities with National Development Plan III (NDP III), focusing on Primary Agriculture, Industry (to include agro-industrialization, manufacturing, knowledge-based industries, and extractives), and Services (health, tourism, and hospitality, education, science, technology, and innovation) and Infrastructure. Agriculture, agro-industry, and manufacturing constitute about 75% of the Bank’s portfolio in alignment with the government focus under NDP III and Vision 2040.
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Source: UDB Expands Its National Footprint To Northern Region
Category: Business, Finance
