UDB leads efforts in promoting cross-border collaboration for increased sustainable development impact

By Africa Links 24
Published on 2024-04-18 15:26:18

Strategic engagement is a crucial aspect for fostering partnerships and exchanging insights that can empower national development banks in Africa to address economic, social, and environmental priorities. Recently, UDB, also known as Uganda Development Bank, embarked on a transformative journey with the aim of mobilizing sustainable international funding to achieve its strategic objectives.

Led by Felix Okoboi, the Chairman of the Board of Directors, and Patricia Ojangole, the Managing Director, UDB engaged in productive discussions with key players in the industry. Hon Henry Musasizi, Minister of State for Finance, Planning and Economic Development in Uganda, Dr. Diab Karrar from the Arab Bank of Economic Development in Africa (BADEA), Sander Glas from the Bill & Melinda Gates Foundation, Haytham El Maayergi from Afreximbank, Ousmane Fall from the African Development Bank (AfDB), and Admassu Tadesse from Trade and Development Bank (TDB) were among the notable participants.

Ojangole emphasized the importance of national development banks striking a balance between financial performance and development impact. She highlighted UDB’s commitment to supporting underserved sectors such as small and medium enterprises (SMEs) to drive positive change in Uganda. Hon. Musasizi also acknowledged the crucial role of national development banks in providing patient, long-term capital to overlooked sectors at competitive interest rates, expressing the government’s support for UDB’s initiatives.

Okoboi welcomed the government’s support and called for stakeholders to join forces with UDB to grow its balance sheet and expand interventions in infrastructure and large-scale syndication. Tadesse emphasized the significance of credibility in attracting regional and global partners for co-financing projects, while Fall stressed the need for robust risk management systems to appeal to financial institutions.

Glas highlighted the unique role of philanthropic entities like the Bill and Melinda Gates Foundation in providing risk-tolerant capital for development banks. The discussions also touched on the rapid digitization of finance and the importance of innovation in financial services, as well as the role of national development banks in financing green projects and climate mitigation efforts.

Overall, the consensus among the speakers was on the importance of collaboration. National development banks should partner with regional and global financial institutions to amplify their impact and expand capital options to support development projects at scale. With the support of stakeholders and innovative approaches, national development banks like UDB can play a significant role in driving positive change and transforming the quality of life for Ugandans and beyond.