Uganda Development Bank (UDB), the country’s Development Finance Institution (DFI) has today launched its inaugural regional office situated in Gulu City aimed at serving Northern Uganda.
Situated along Lower Church Hill Drive, the Gulu City office will act as a liaison point for all the districts that constitute Northern Uganda and will enhance the Bank’s reach in serving the financial and non-financial needs of the business community in Northern Uganda.
“Launching the Northern Uganda office is a significant milestone in our journey as UDB, and we thank the people of Gulu City and its neighboring areas for welcoming us with enthusiasm. The expansion of our presence in this fast-growing and vibrant region underscores our commitment to serve the people of Uganda, providing them with easier access to our comprehensive range of products, services and interventions,” Patricia Ojangole, the Managing Director of UDB said.
Consistent with the Bank’s mandate to accelerate socio-economic development in Uganda through sustainable financial interventions, the office will support projects within the private sector that demonstrate the potential to deliver high socio-economic value, in the areas of Primary Agriculture, Industry (to include agro-industrialization, manufacturing, knowledge-based industries, and extractives), and Services (health, tourism, and hospitality, education, science, technology, and innovation) and Infrastructure.
“UDB’s journey has always been fostered by our unique mandate as a catalyst for Uganda’s socio-economic development.. We have come a long way, and today, we take yet another significant step in our mission to deliver this mandate,” Ojangole added.
While officiating the launch of this office, the State Minister For Northern Uganda, Hon. Grace Kwiyucwiny, said the arrival of UDB in the region ushers in a great promise and opportunities for the region.”
“I want to extend my warmest congratulations to the Bank on this significant milestone and officially welcome them to our vibrant and dynamic community. I also urge entrepreneurs, farmers, and the business community in the region to take full advantage of the services UDB offers. Let’s work together to make the most of this opportunity and continue the remarkable transformation of Northern Uganda.” Hon. Kwiyucwiny concluded.
UDB has been operating with one office located in Kampala.
To improve efficiency and deepen financial inclusion across the country, the Bank is establishing regional representative offices. These offices will be strategically located in Gulu and a few other regional cities in the country.
The need for the Bank to have a regional footprint supports the Bank’s strategy in ensuring the effective delivery of the various strategic objectives and initiatives. Through the establishment of regional Business offices, the Bank will be able to strengthen its role as Uganda’s National Development Financial Institution and hence leverage investment opportunities that exist in every region of Uganda.
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