The African Development Bank (AfDB) has been instrumental in fueling socio-economic development in Uganda through its strategic partnerships with local financial institutions, such as the Uganda Development Bank (UDB).
The UDB has been at the forefront of driving socio-economic transformation in Uganda, and its latest Impact Summary Report for 2024 highlights the significant impact of its investments.
Key Achievements
The UDB has achieved impressive results, approving 171 projects expected to create 17,832 jobs and generate Shs1,778 billion in profits.
These projects have also generated Shs455 billion in tax revenue and Shs1,808.53 billion in foreign exchange earnings.
The UDB has committed Shs454 billion to support National Development Programs, focusing on key sectors such as agro-industrialization, manufacturing, tourism, human capital development, private sector growth, and infrastructure development.
Strategic Investments
The UDB’s strategic investments have enhanced food security, industrial growth, education, healthcare, and transport services, reinforcing Uganda’s economic foundation.
By prioritizing sustainability and inclusive prosperity, the UDB continues to build a resilient economy that empowers communities and drives national progress. The bank’s focus on private-sector-led growth has also expanded business and created employment opportunities across various regions.
Partnership with African Development Bank
The UDB’s success is partly due to its partnership with the African Development Bank. The AfDB has provided significant funding and technical assistance to the UDB, enabling it to scale up its investments in key sectors. This partnership has been instrumental in driving socio-economic development in Uganda, and it serves as a model for other African countries.
The African Development Bank’s partnership with the Uganda Development Bank is a shining example of how strategic partnerships can drive socio-economic development in Africa.
The UDB’s impressive achievements demonstrate the impact targeted investments can have on economic growth, job creation, and poverty reduction. As the AfDB continues to support the UDB and other financial institutions across Africa, it is clear that the continent’s socio-economic future is bright.