How 2024 was a year of growth, impact, and UDB’s commitment to Uganda’s economic transformation
The bank's focus on strategic investments, private sector support, job creation, and sustainable development positions it as a key player in realizing Uganda's National Development Plan and Vision 2040.
The Uganda Development Bank (UDB) convened its Annual General Meeting (AGM) at the Ministry of Finance, Planning and Economic Development on Wednesday 18th June 2025 under the theme of “Empowering Uganda’s Economy: Creating a Sustainable Future for All,”
The meeting served as a platform to showcase UDB’s robust 2024 performance, its significant socio-economic impact, and its unwavering dedication to driving the transformation of the Ugandan economy.
The performance report presented at the AGM highlighted a year of substantial growth, strategic impact across the nation, and continued institutional development, reinforcing UDB’s crucial role in fostering economic progress and creating sustainable value for all stakeholders.
Key Performance Highlights:
Asset Growth
UDB’s total assets experienced a significant 7% increase, reaching UGX 1.78 trillion in 2024, up from UGX 1.67 trillion in 2023.
This growth, fueled by additional capital from government and retained earnings, reflects the bank’s ongoing transformation and robust investments in development projects nationwide.
Private Sector Facilitation
UDB continued to champion private sector growth by providing targeted financial support and enabling productive investments across key sectors.
Dr. Patricia Ojangole, UDB Managing Director, emphasized the bank’s commitment to advancing the government’s economic development agenda through this strategic support.
Job Creation and Inclusivity
Enterprises supported by UDB created and maintained an impressive 55,553 jobs in 2024, a 7.2% increase from the previous year.
Encouragingly, a significant 59.9% of these roles were filled by youth, while 31.3% were held by women, underscoring UDB’s dedication to inclusive and youth-focused development.
Profitability
UDB-supported enterprises achieved profits exceeding UGX 1 trillion, surpassing the UGX 869 billion recorded in 2023.
These enterprises also generated UGX 1.1 trillion in foreign exchange, marking a 17% growth, primarily driven by the agro-processing and manufacturing sectors.
This reinforces UDB’s vital role in accelerating Uganda’s industrialization and boosting its export potential.
Industrial Transformation
The industrial sector received 50% of UDB’s total financing in 2024, demonstrating the bank’s commitment to agro-industrialization, manufacturing, and value addition. With UGX 822 billion invested, UDB is playing a pivotal role in powering sustainable growth.
Addressing Structural Challenges
UDB proactively addressed structural challenges hindering enterprise growth by launching its inaugural incubation program and engaging in various project preparation activities.
These initiatives are crucial for de-risking enterprise financing, enhancing bankability, and fostering entrepreneurial resilience, particularly among SMEs.
Strategic Alignment and National Development:
Geoffrey T. Kihuguru, Chairman of the Board of Directors, highlighted UDB’s resilience and responsiveness in a recovering economy, capitalizing on Uganda’s GDP growth of 6.4% to deepen impact across all regions.
He hailed 2024 as a year of prudent stewardship, strategic momentum, and transformational outcomes.
The Minister of Finance, Planning, and Economic Development, Matia Kasaija, lauded UDB’s alignment with the strategic objectives outlined in the country’s national development plan.
He emphasized the government’s continued support to private businesses through UDB, providing long-term and patient capital crucial for achieving national development goals.
Notably, the government bolstered UDB’s capacity with additional capital contributions totaling UGX80.7 billion in 2024, raising the bank’s cumulative capitalization to UGX1.46 trillion.
Delivering Strong Socio-Economic Returns
Enterprises financed by UDB continued to deliver strong socio-economic returns in 2024. Annual output grew by 3.2%, reaching UGX 6.05 trillion, underscoring UDB’s catalytic role in accelerating industrialization and driving inclusive economic growth.
Tax contributions from supported businesses rose to UGX 316 billion from UGX 236 billion, demonstrating deepening value across Uganda’s economy.
UDB continues to operate with efficiency, maintaining a stable cost-to-income ratio of 31% in 2024. With return on assets rising to 3.26% and return on equity increasing to 3.89%, the Bank remains committed to generating long-term value for its stakeholders.
UDB’s 2024 AGM showcased a year of remarkable achievements and a reaffirmed commitment to empowering Uganda’s economy.
The bank’s focus on strategic investments, private sector support, job creation, and sustainable development positions it as a key player in realizing Uganda’s National Development Plan and Vision 2040.
As Dr. Ojangole aptly stated, “As we position for greater impact, our focus will be on maximizing resource efficiency and unlocking innovative, diversified funding to scale development outcomes.” The future looks promising for UDB and its continued contribution to a prosperous and sustainable Uganda.
