Uganda Development Bank Limited (Mar 2023)
Uganda Development Bank Limited (UDB) was established as the country’s development finance institution through the Uganda Development Bank Act of 1972, with an overarching goal of promoting the country’s economic development. Accordingly, the bank is wholly owned by the Government of Uganda and the National Planning Authority identifies priority sectors worth investing in that will push for Uganda’s achievement of middle-income status by 2040. In this regard, the bank has the following 4 developmental mandates:
1. Profitably promote and finance viable economic development in Uganda by assisting in the establishment, expansion, and modernization of key sectors as well as by providing advice to clients as it relates to establishing and expanding businesses in these sectors.
2. Provide finance in the form of short, medium, and long term secured loans.
3. Acquire shareholding in viable businesses.
4. Make funds available for reinvestment by selling any investment of the company when and as appropriate.