{{short description|Ugandan development financial institution}} {{Use British English|date=June 2022}} {{Use dmy dates|date=June 2022}} {{Infobox company | name = Uganda Development Bank Limited | logo = | type = Parastatal | owner = Government of Uganda | foundation = {{Start date and years ago|1972}} | location = First Floor, Rwenzori Towers<br/>6 Nakasero Road, Nakasero<br/>Kampala, Uganda | key_people = Felix Okoboi Chairman<br />Patricia Adongo Ojangole<br />Chief Executive Officer | num_employees =117 (2022)<ref name="Rep">{{cite web |date=16 October 2023 |url=https://www.udbl.co.ug/UDB%20Annual%20Report%202022.pdf/ |title=2022 Annual Report |work=Uganda Development Bank Limited (UDBL) |author=UDBL |access-date=28 August 2024 |location=Kampala, Uganda }}{{Dead link|date=February 2026 |bot=InternetArchiveBot }}</ref> | industry = Finance | revenue = {{Profit}}Aftertax:USh 55.13 billion (US$15.09 million) (2024)<ref name="HitR">{{cite web| work=Nile Post Uganda| url=https://nilepost.co.ug/business/244755/udbs-loan-portfolio-hits-1-67trillion |title=UDB's Loan Portfolio Hits 1.67 Trillion |date=25 February 2025 |author=Kenneth Kazibwe |access-date=3 March 2025 |location=Kampala, Uganda}}</ref> | assets = UGX 2.28 trillion (US$613 million) (2025)<ref name="2025R">{{cite web| url=https://eagle.co.ug/2026/03/31/udb-expands-to-eastern-uganda-as-assets-hit-shs2-28t/ |title=UDB Expands To Eeastern Uganda As Assets Hit Shs 2.2 Trillion |date=31 March 2026 | work=Eagle Online Uganda |author=Fransisco Adong |access-date=28 April 2026 | location=Kampala, Uganda}}</ref> | products = Loans, equity partnerships, financial advisory services, management services, export/import finance | homepage = [http://www.udbl.co.ug/ Homepage] }}
The '''Uganda Development Bank Limited''' (UDBL) is a government-owned development financial institution in Uganda.<ref name="Us">{{cite web | url=http://www.udbl.co.ug/about-us/overview | title=Uganda Development Bank Limited: About Us - Overview | last=UDBL | access-date=11 April 2016 | date=11 April 2016 | publisher=Uganda Development Bank (UDBL) | location=Kampala | archive-date=13 January 2016 | archive-url=https://web.archive.org/web/20160113130259/http://www.udbl.co.ug/about-us/overview | url-status=dead }}</ref>
==Overview== UDBL which began operating in 1972, was the first development finance institution established by the government of Uganda. The main objective of UDBL is to promote and finance development in various sectors of the economy with particular emphasis on agriculture, industry, tourism, housing, and commerce.<ref name="Us" />
In June 2018, the government negotiated for a $20 million (USh 76 billion) loan from the African Development Bank to capitalize UDBL, primarily to lend to the agricultural sector for mechanization and value addition.<ref>{{cite web| url=http://www.monitor.co.ug/News/National/Islamic-banking-October--Finance-Ocailap-Ms-Akol/688334-4619482-11tqyj0/index.html |title=Islamic banking starts in October, says Finance |date=19 June 2018 | access-date=20 June 2018 | work=Daily Monitor |author=Stephen Otage |location=Kampala}}</ref> As of December 2025, the bank's total asset portifolio was valued at UGX 2.28 trillion (approx. US$613 million), with a loan book of UGX 1.77 trillion (approx. US$475.95 million).<ref name="2025R" />
==History== UBDL was established in 1972. The political leadership in Uganda changed in 1979, and UDBL was then able to obtain large credits from external financiers, like the African Development Bank, the International Development Association, the European Investment Bank, the European Economic Community, the Organization of Petroleum Exporting Countries, and the Arab Bank for Economic Development in Africa (Banque Arabe pour le Développement Economique en Afrique) (BADEA).<ref name="Change">{{cite web | first=Faridah|date=9 July 2013| last=Kulabako | newspaper=Daily Monitor | url=http://www.monitor.co.ug/Business/Prosper/Uganda-Development-Bank-to-shift-its-market-interest/-/688616/1908684/-/qykp51z/-/index.html | title=Uganda Development Bank to shift its market interest|location=Kampala| access-date=4 August 2016}}</ref> With these funds, UDBL's focus shifted to financing medium and long-term projects in manufacturing, touris and magriculture.<ref name="Agric">{{cite news | newspaper=The Observer (Uganda) | url=http://allafrica.com/stories/201503060940.html | title=Uganda Development Bank to Focus On Agriculture Market | last=Moses Mugalu |date=6 March 2015 |format=via AllAfrica.com | location=Kampala | access-date=3 August 2015 | first=and Samuel Kayiwa}}</ref>. Between 1997 and 2001, the bank was restructured, recapitalized, and re-organized as a limited liability company, wholly owned by the government of Uganda.<ref>{{cite news|newspaper=Daily Monitor |url=http://www.monitor.co.ug/Business/Prosper/-Uganda-Development-Bank-prepared-to-float-on-its-own-/688616-3848362-14l7nhp/index.html |title='Uganda Development Bank prepared to float on its own' |date=15 March 2017 |access-date=20 June 2018 |author=Eronie Kamukama | location=Kampala}}</ref>
==Future plans== {{asof|September 2013}}, the bank had re-organized and repositioned itself to play a larger and more visible role in Uganda's development finance. It has developed a medium-term recapitalization plan (2013-2017) that will increase shareholder's equity from the current USh 100 billion (US$40 million), to USh 500 billion (US$200 million).<ref>{{cite web | location=Kampala| url=http://www.monitor.co.ug/Business/Bank-lowers-interest-rates-on-agriculture-loans/-/688322/2014748/-/9hpwv8/-/index.html | title=Bank Lowers Interest Rates On Agriculture Loans | access-date=22 November 2014 | date=2 October 2013 | first=Stephen | last=Otagec | newspaper=Daily Monitor}}</ref><ref>{{cite web | date=23 February 2015 |location=Kampala| url=http://www.monitor.co.ug/Business/UDB---Shs500b---capital--base/-/688322/2632014/-/uhfl75z/-/index.html | title=UDB Gets Shs500 Billion To Boost Capital Base | access-date=1 May 2015 | last=Tajuba | first=Paul | newspaper=Daily Monitor}}</ref>
Its growth plan has been streamlined to harmonize with Uganda's National Development Plan (NDP) and with Vision 2040. Vision 2040 aims to transform Ugandan society from a peasant population to a modern and prosperous country by the year 2040. Some of the development partners that UDBL is working with include the Kuwait Fund, the African Export-Import Bank, BADEA, and the Islamic Development Bank.<ref name="Change" />
In June 2020, the Uganda Ministry of Finance, Planning and Economic Development, announced its intention of further increase its share capital in UDB from USh 500 billion (US$136 million) to USh 2 trillion (US$545 million). This is part of the bank's five-year strategic plan 2020–2024.<ref name="PlanR">{{cite web|work=Daily Monitor |date=3 June 2020 | url=https://www.monitor.co.ug/Business/Finance/UDB-5year-plans-economy-longterm-loans-capitalisation/688608-5569964-78cm9vz/index.html |title=UDB Unveils 5-year Plans |author=Martin Luther Oketch |access-date=16 July 2020 |location=Kampala}}</ref>
In March 2024, management revealed plans to establish five regional offices to take services closer to the bank's clients. The location of the regional offices include the following:<ref name="RegosR">{{cite web|url=https://softpower.ug/udb-reports-5-uptick-in-borrowing-and-grants-with-new-targeted-funding-initiatives/ | title=UDB Reports 5 Percent Uptick In Borrowing And Grants With New Targeted Funding Initiatives |work=SoftPower Uganda |date=29 February 2024 |author=SoftPower |access-date=5 February 2024 | location=Kampala, Uganda}}</ref>
* Arua office: Arua City * Gulu office: Gulu City (Established in 2023)<ref name="RegosR" /> * Hoima office: Hoima City (Operational in 2026) * Mbale office: Mbale City (Established in 2026)<ref name="2025R" /> * Mbarara office: Mbarara City
==Services== UDB's services include short-term loans, medium term loans, long-term loans, equity investments, trade finance loans, and bank guarantees.<ref>{{cite web | title=Uganda Development Bank: Services | url=http://www.udbl.co.ug/services | access-date=11 June 2015 | date=1 January 2015 | last=UDB | publisher=Uganda Development Bank (UDB) }}{{Dead link|date=September 2025 |bot=InternetArchiveBot }}</ref>
==Rating== In April 2024, Fitch Ratings assigned UDBL a National Long-term Rating of ‘AAA (uga)’ with a Stable Outlook, "the highest attainable on Uganda’s national scale".<ref name="RatR">{{cite web| url=https://www.thekampalareport.com/latest/2024042236619/uganda-development-bank-retains-aaa-fitch-rating.html |title=Uganda Development Bank retains 'AAA' Fitch Rating |work=The Kampala Report |date=22 April 2024 |author=Mike Opio |access-date=31 May 2024 | location=Kampala, Uganda}}</ref>
==Board of directors== As of December 2022, UDBL's board of directors consisted of:<ref name="Rep" /> 1. Felix Okoboi: Chairman<ref name="BoaR">{{cite web|date=4 September 2018 | newspaper=New Vision | url=https://www.newvision.co.ug/news/1485142/notice-udb | title=Notice from UDB: Board Appointments |author=Uganda Development Bank |access-date=4 June 2020 |location=Kampala}}</ref> 2. John Byaruhanga 3. Frank Tumuheirwe:<ref name="BoaR" /> 4. Nimrod Waniala 5. Henry Balwanyi Magino 6. Silvia Angey Ufoyuru 7. Patricia Ojangole - Managing Director.<ref name="BoaR" />
==Management== As of August 2017, UDB's management team was:<ref name="TeamR">{{cite web |url=http://www.udbl.co.ug/about-us/management-team |title=Our Management Team |publisher=Uganda Development Bank |author=Uganda Development Bank |date=August 2017 |access-date=4 August 2017 |location=Kampala |archive-date=19 January 2021 |archive-url=https://web.archive.org/web/20210119202040/https://www.udbl.co.ug/about-us/management-team/ |url-status=dead }}</ref> 1. Patricia Ojangole: Managing Director 2. Joshua Allan Mwesiga: Director, Strategy & Corporate Affairs 3. Denis Owens Ochieng: Director of Finance & Business Operations 4. Mahamoud Andama: Director Investment 5. Stephen Hamya: Chief Internal Auditor 6. Sophie Nakandi: Bank Secretary/Head Legal.<ref name="TeamR" />
==Awards== In May 2024, UDBL was named "The Regional Bank of The Year - East Africa" at the 18th African Bankers Awards, at a ceremony in Nairobi, Kenya. At the same ceremony, UDBL won the Silver Award (A+ Rating) in the category of Development Finance Institutions for diligently following the guidelines of the Association of African Development Finance Institutions (AADFI).<ref name="AwR">{{cite web |url=https://softpower.ug/uganda-development-bank-named-regional-bank-of-the-year/ |title=Uganda Development Bank Named Regional Bank of The Year |work=SoftPower Uganda |date=30 May 2024 | author=SoftPower |access-date=31 May 2024 |location=Kampala, Uganda}}</ref>
==Controversy== According to a 2013 published report, an audit by Uganda's auditor general revealed financial impropriety by board members and senior managers at UDBL, leading to financial loss. Both the board and management team involved in the fraud were terminated and the investigation continued as of June 2014.<ref>{{cite web | url=http://www.monitor.co.ug/News/National/Audit-reveals-further-rot-in-Uganda-Development-Bank/-/688334/1657622/-/14erid2/-/index.html | title=Audit Reveals Further Rot In Uganda Development Bank | date=5 January 2013 | access-date=29 June 2014 | first=Eriasa | last=Mukiibi Sserunjogi | newspaper=Daily Monitor (Kampala)}}</ref><ref>{{cite web | url=http://allafrica.com/stories/201311200168.html?viewall=1 | title=Uganda: Development Bank Faces Probe Over Sh20 Billion Loan | access-date=29 June 2014 | date=19 November 2013 | first=Sulaiman | last=Kakaire | newspaper=The Observer (Uganda) via AllAfrica.com}}</ref><ref>{{cite web | url=http://allafrica.com/stories/201404220477.html?viewall=1 | title=Uganda: UDBL - How The Bad Guys Derailed The IGG | first=Pius Muteekani | last=Katunzi | date=19 April 2014 | access-date=29 June 2014 | newspaper=The Observer (Uganda) via AllAfrica.com}}</ref><ref>{{cite web | url=http://www.monitor.co.ug/News/National/UDB-s-Ojangole-acquitted/-/688334/2366956/-/h72m2y/-/index.html | title=UDB's Ojangole Acquitted | first=Anthony | last=Wesaka | date=30 June 2014 | access-date=30 June 2014 | newspaper=Daily Monitor (Kampala)}}</ref>
==See also== {{Portal|Banks}} * Banking in Uganda * Economy of Uganda * List of banks in Uganda * Trade and Development Bank * East African Development Bank * World Bank * List of national development banks
==References== {{reflist}}
==External links== * {{Official website}} * [https://www.monitor.co.ug/Business/Finance/UDB-5year-plans-economy-longterm-loans-capitalisation/688608-5569964-78cm9vz/index.html UDB Unveils 5-Year Plans] As of 3 June 2020. * [http://www.monitor.co.ug/OpEd/Commentary/What-do-development-banks-really-do-/689364-3329726-v4uhokz/index.html What do development banks really do?] {{Webarchive|url=https://web.archive.org/web/20160816163526/http://www.monitor.co.ug/OpEd/Commentary/What-do-development-banks-really-do-/689364-3329726-v4uhokz/index.html |date=16 August 2016 }}
{{Authority control}} {{Kampala District}} {{Economy of Uganda}} {{coord|00|19|01|N|32|34|48|E|display=title}}
Category:Banks of Uganda Category:Government-owned companies of Uganda Category:Banks established in 1972 Category:Companies based in Kampala Category:1972 establishments in Uganda Category:National development banks Category:Ugandan brands