The Uganda Development Bank (UDB), the nation’s premier development finance institution, has launched its new regional office in Hoima City, marking a strategic expansion aimed at deepening financial inclusion, fueling economic growth, and channeling critical investment into the agricultural sector.
This move aligns UDB’s operations directly with Uganda’s ambitious goal of achieving tenfold economic growth by 2040.
The opening of the Hoima office, which was officiated by the Managing Director, Dr. Patricia Ojangole, is part of a major expansion strategy, which will also see UDB establish additional regional offices in Mbale, Arua, and Mbarara, moving beyond its traditional centers in Kampala and Gulu.
Decentralising Finance to Reach the Underserved
The decision to open the Hoima office directly addresses the challenge of financial exclusion faced by micro, small, and medium enterprises (MSMEs) in the region.
Speaking at the event, Dr. Ojangole emphasised that MSMEs form the backbone of the economy, yet they remain underserved.
“This new office represents a broader ecosystem of support designed to bring more businesses into the formal economy, stimulate local investment, and promote inclusive growth,” Dr. Ojangole said.
Patrick Isingoma, the area Member of Parliament, underscored the local impact of UDB, saying, “Bringing these services closer to the people will finally allow communities to access affordable financing and participate in profitable business ventures.”
He reiterated that as the national development bank, UDB’s mandate is clear: to accelerate growth through sustainable financing that supports high-impact private-sector investments, focusing on projects that create jobs, boost production, and strengthen exports.
Agriculture as the Engine of Bunyoro’s Economy
While Hoima is rapidly growing as a hub for the oil and gas sector, UDB is prioritising investment in sustainable, modern agriculture to ensure balanced and resilient economic growth. As such, agro-industrialisation remains a core focus for the Bank.
Mahamoud Andama, the Director of Investment at UDB, highlighted the bank’s existing commitment, noting, “Since 2020, UDB has financed 26 enterprises in the Bunyoro sub-region worth over Shs25.47 billion, spanning primary agriculture and agro-industrialisation, alongside industry, education, infrastructure, and tourism.”
He stressed that the results are tangible: enterprises financed in Bunyoro in 2024 alone produced an annual output of Shs7.1 billion, created and sustained over 2,000 jobs, generated Shs1.63 billion in profits, and contributed Shs480 million in taxes.
Dr. Ojangole reiterated UDB’s commitment to channelling resources and expertise into “sustainable agriculture, and technology-driven farming and industry,” ensuring that the region’s vast natural potential is utilised to create long-term wealth.
Fueling Investment Across the Bunyoro Sub-Region
Hoima City Mayor, Brian Kaboyo, welcomed the bank, noting the vast untapped potential of the region, which boasts key assets like an airport, oil developments, three national parks, and thriving tourism prospects.
Beyond traditional lending, Dr. Ojangole revealed that UDB is bolstering its capacity to serve as a key driver for major investments through:
Project Structuring: The bank will support project preparation and structure major investments, particularly in local content development and infrastructure investment linked to oil and gas.
Advisory and Capital Mobilisation: UDB will provide business advisory services and mobilise both domestic and international capital to unlock the region’s potential in eco-tourism and modern industry.
Dr. Ojangole concluded that this expansion represents a significant step forward as UDB strengthens its capacity to deliver on its mandate, emphasising that, “UDB is fully committed to playing the role to meet the country’s evolving needs.”