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Uganda Development Bank Officials

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UDB posts strong growth, supports economic recovery in 2022

Kampala. Uganda Development Bank (UDB), the country’s national Development Finance Institution, has today announced excellent results for 2022 reflecting strong investment in various businesses across the country, improved livelihoods and heavy support towards the economic recovery and resilience of Uganda. In 2022, UDB registered a 52% gross loan portfolio growth from Shs851 Billion in December 2021 to Shs1,298 Billion in December 2022. The Bank’s total assets currently stand at UGX1.44 Trillion, growing by 19% from UGX1.21 Trillion at the start of 2022. This growth is on account of growth in funding, mainly through capital allocations from government and draw down of lines of credit from various our other funding partners.

“This performance is anchored on the Bank’s deliberate efforts towards the revitalization and transformation of Uganda’s economy,” said UDB’s Managing Director, Patricia Ojangole. “This gives us confidence that we are on track to achieve our strategic objectives.

Uganda has lived through major socio-economic shocks in the last three years including Covid-19, adverse climate and the impacts from geopolitical shocks. UDB remains consistent in supporting the government in the delivery of national objectives. “Our product portfolio has been designed to support key priority sectors to achieve their full potential which aligns with the country’s strategic direction and National Development Plan III,” Ojangole said.


The value of new loan applications approved to receive fundings grew by 40% against the 2021 performance registering a total of Shs894 Billion from the Shs635 Billion registered in 2021. The Industry sector (comprising of manufacturing and agro industry) received the highest number of approvals worth Shs454.75 Billion with primary agriculture receiving Shs96.75 billion.


The Bank disbursed a total of Shs776.6 billion during the year 2022, improving by 81% from Shs428 billion disbursed the previous year 2021. Of this sum, 76% was disbursed to projects engaged in agriculture, agro-processing and manufacturing.

Supporting underserved sectors of the economy

In 2022, the Bank launched the Special Programs intervention which has effectively implemented several strategies, with a focus on channeling interventions to promote small and medium-sized firms (SMEs), as well as businesses run by women and youth within the Bank’s supported sectors.

After a year of implementation, the Bank approved over UGX31.5 billion, with 128 enterprises (including 42 women-owned) benefitting from this program under this program. To further support these businesses, the Bank further launched the Business Accelerator for Successful Entrepreneurship (BASE) aimed at preparing entrepreneurs for financing through enhanced business practices.

“In 2022 alone, 08 regional training sessions targeting 1,130 SMEs were conducted in Kampala, Mbarara, Fort Portal, Lira, Gulu, Arua, Masaka, and Mbale districts. As a result of these sessions, the Bank identified funding prospects amounting to Shs147.3 billion. Additionally, 77 hitherto informal enterprises undertook various business formalization processes – with 45 registering their business names and 37 others formally registering as new taxpayers or for tax certification,“ Ojangole says.

“Conversely, the Bank earmarked 274 enterprises to participate in the inaugural UDB Business Incubation Program to be held this year, the aim of which is to facilitate the incubatees to be credit-ready, and potentially prospective customers of UDB.“

Direct Impact of our intervention

UDB’s mandate is to accelerate social economic development in the country through sustainable financial interventions. Consistent with its mandate, the Bank supports projects within the private sector that demonstrates potential to deliver high social economic value, in terms of job creation, improved production output, tax contribution and foreign exchange generation among other outcomes. The projects approve for the year are expected will generate 35,372 new direct jobs, and Shs9.35 Trillion Billion worth of output value/turnover from firms financed. These are further expected to generate Shs393.79 Billion in tax revenue to the government and attract foreign exchange earnings of Shs1,58 Trillion. 72% of the 249 projects are within primary agriculture, agro-processing and manufacturing.

Source: UDB

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